BusinessCorporate FinanceLib Dems call for tax haven probe

Lib Dems call for tax haven probe

Lord Oakeshott pushes for an independent review into bailed out banks' use of offshore subsidiaries

The Liberal Democrats’ Treasury spokesman has called for an independent
review into tax haven use of British banks that have been bailed out.

Lord Oakeshott, spokesman for the Treasury and the department of work and
pensions, wants ministers to disclose the cost of banks operating offshore
subsidiaries, now that the taxpayer is footing the bill.

Britain’s largest banks have extensive operations in tax havens. Lloyds has
more than 125 offshore companies while Royal Bank of Scotland has 238, including
66 in the Cayman Islands and 30 in Jersey.

Meanwhile, RBS owns the Isle of Man bank that prints banknotes for the island
and Coutts, which provides offshore services for wealthy private clients.

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