I note that some press reporting of the new Action Aid tax report is suggesting that the use of tax havens by FTSE 100 companies may cost the UK up to £18 billion a year and that the number in question is sourced to me.
The report that underpins this estimate of the cost of tax havens to the UK is here.
Only £3bn of the loss is however attributable in my estimate to large companies. I think the clarification is important. Only £12 billion of tax avoidance in total is attributable to such companies, in my estimate.
Not entirely off-topic. Today the Isle of Man government “elects” its new Chief Minister.
There are only two nominees one being Mr Allan Bell whose record as Treasury Minister is not entirely paved with glory. His election would see the island’s continuing association with the City of London which exploits the naivety of the Manx government by inveigling it into a web of tax havens which conveniently channel £billions around the world in the game known as “tax dodging”.
It was Mr Bell who established the islands offices at No. 1 Cornhill, London EC3, managed by Isle of Man Finance which is burdoned with promoting and developing the financial services sector of the island’s economy. … an activity euphemistically described in its ceaseless PR campaign as “focused on business development”.
The OECD estimates that developing countries lose almost three times more to tax havens such as the Isle of Man than all the aid they receive each year.
Pray that the island (or rather a small elite in its arcane and medieval government) elects a person who will make a break from relying on these harmful activities.
The PSG somehow doubts it.