{"id":24608,"date":"2014-04-21T07:51:41","date_gmt":"2014-04-21T06:51:41","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=24608"},"modified":"2014-04-21T07:51:41","modified_gmt":"2014-04-21T06:51:41","slug":"its-easier-to-get-data-on-uk-companies-with-bank-accounts-in-cayman-than-stockport","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2014\/04\/21\/its-easier-to-get-data-on-uk-companies-with-bank-accounts-in-cayman-than-stockport\/","title":{"rendered":"It’s easier to get data on UK companies with bank accounts in Cayman than Stockport"},"content":{"rendered":"

There's \u00a0a perverse consequence of the new rules on beneficial ownership of companies announced today<\/a>. \u00a0Because the government has not adopted my recommendation<\/a> that all UK banks should be required to supply information on the beneficial ownership of the companies to whom they provide banking services \u00a0but the government has, at the same time, signed information sharing agreements with places like the Cayman Islands, Jersey, Guernsey and the Isle of Man, it will now be easier for HMRC \u00a0to find out who is the beneficial owner of a company banking in Cayman \u00a0than it will be to find out the same information regarding \u00a0UK companies that bank in Stockport, Plymouth, Norwich, \u00a0Cardiff or Glasgow.<\/p>\n

This is absurd. \u00a0We now require banks in all of these territories to exchange information with their own governments \u00a0for onward supply to the UK when it concerns companies under UK beneficial ownership, \u00a0and we are also requiring all financial institutions in the UK to exchange that information \u00a0with the UK government concerning US owned \u00a0companies \u00a0so that we can send that information to Washington \u00a0but we are not apparently not willing to require that UK banks supply this information to Companies House to make sure that fraud, crime and tax evasion are rooted out of the UK economy.<\/p>\n

To allow this \u00a0absurd situation to have arisen when all the systems to secure the \u00a0necessary data \u00a0are already in place is almost \u00a0incomprehensible, \u00a0but that is exactly what the government is doing.<\/p>\n

It really is time we got serious about tax evasion, but this government isn't.<\/p>\n","protected":false},"excerpt":{"rendered":"

There’s \u00a0a perverse consequence of the new rules on beneficial ownership of companies announced today. \u00a0Because the government has not adopted my recommendation that all
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