Billions invested in refurbishing the Treasury headquarters, Home Office and
other PFI projects have been moved off-shore by the City to avoid paying tax on
According to the Guardian more than 50 PFI schemes have been placed
in portfolios held in the Channel Islands. The investments are held by three PFI
groups – HSBC Infrastructure, 3i Infrastructure and Babcock and Brown Public
The tax planning works by transferring the 90% of the ownership of the
company running the PFI off-shore once the buildings have been completed. This
keeps the income from PFI free from tax for as long as 40 years in some cases.
The revelation of the PFI tax planning will intensify criticism of the
controversial method of using the private sector to deliver large public works.
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy