THE PRIME MINISTER has requested senior ministers of countries considered tax havens come to London on the eve of this month’s G8 summit in order to discuss a tax information-sharing deal.
The ten crown dependencies – Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, Jersey, Guernsey and the Isle of Man – will be invited to sign a an OECD convention to give mutual assistance in tax matters, which provides for the sharing of information between countries, the Guardian reports.
Several Crown dependencies have already agreed to take part in information-sharing schemes, but not to the extent prescribed in the convention. David Cameron (pictured) wrote to the countries in May, saying he wishes to “knock down the walls of company secrecy”, revealing the beneficial owners of companies.
Many of the nations are indignant over being labelled tax havens, claiming the bases of their economies are threatened.
Cameron and the chancellor, George Osborne, are still unsure over how far they will press the G8 on measures to make it easier to reveal owners of companies and assets, with the US and Canada resistant.
The prime minister, alongside Nick Clegg, plans to chair a tax and transparency conference on the weekend before the G8 summit, looking at the possibility of the dependencies signing up to the convention on Saturday.
The ATT had previously expressed concern that the legislation was overly complex and created unnecessary complications within the practical working of the new allowances
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal
Following recent issues with HMRC’s personal tax computation software, Brian Palmer of the AAT questions whether the government’s implementation timeframe for Making Tax Digital is realistic