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.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
Freelancers and micro-businesses still need more information about the government’s plans to make tax digital
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile