Who do you think you’re kidding Jersey?

Posted on

The Jersey Evening Post has written:

DETAILS of bank accounts in Jersey held by UK residents are to be passed to the UK tax authorities.

A UK tribunal has ordered over 300 banks to hand over details of customers with accounts offshore to Her Majesty’s Revenue and Customs.

The HMRC will not be entitled to come knocking on any doors in Jersey. However, the move is likely to concern people living in the UK who wish to keep their financial details confidential.

Jersey Finance say that the initiative ‘should not have a major impact on the finance industry’ and that in any event the Island ‘would never condone any client evading their tax responsibilities’.

I do wonder who they think they are kidding? I estimate that Jersey costs the UK more than £1 billion a year in tax cost — much of it evasion.

And quite frankly — I do not believe them when they say ‘would never condone any client evading their tax responsibilities’. Day in day out they operate accounts for people who refuse to disclose information on their account to HM Revenue & Customs under the European Union Savings Tax Directive — and the only possible explanation for that refusal is tax evasion. Yet they do not report the tens of thousands involved (at least) as suspected tax evaders.

Why is that?

And why aren’t you enforcing obligations on your banks to report suspected money laundering instead of spinning deliberate misinformation Jersey?