X hits on this document

156 views

0 shares

0 downloads

0 comments

29 / 65

22

Interestingly, despite these very clear and precise words by Mr. Brown as what is

required in order to level the playing field, The Labour Party is now the government and

has been since 1997 yet no proposals have been forthcoming by Mr. Brown’s Treasury

department officials.

Many have questioned why not.64 A leading and well-respected British newspaper

London’s Sunday Times65 has berated the Labour Party for it’s about face of this

initiative to reform the preferential tax system present in Great Britain. According to an

article titled ‘Foreign Born millionaires save GBP10 Billion from Brown’s U-turn.’

hundreds of foreign-born multi millionaires living in the United Kingdom enjoy the “non-

dom” loophole.66 The article further stated, “ The loophole is perfectly legal. But critics

of the scheme say it is scandalous that huge amounts of personal wealth are beyond the

taxman’s reach”.67

The rules as presently structured in the U.K. are very similar to the tax structure as found

in some tax havens. It is submitted that the U.K. rules extend further than that found in

offshore centers such as Labuan, Malaysia which despite its offshore financial center

laws still taxes individuals who are resident there on their worldwide income. Even more

surprisingly an official of the Internal Revenue Commissioners themselves has made the

64 Langer has pointed out that the government has had to respond to the special interests of the Greek shipping companies who threatened to close down their United Kingdom business or in any event drastically reduce their business.

65 66 Sunday Times (London) June 18,2000 pp 12-13 Ibid, Prior to the general election, Brown and his shadow treasury team were scathing about the failure of the Tories to close the loophole. Since winning the lection and becoming Chancellor Brown has chosen to retain it.

Document info
Document views156
Page views156
Page last viewedFri Dec 02 20:27:47 UTC 2016
Pages65
Paragraphs1260
Words16185

Comments