Tax Haven ‘Clampdown’? Don’t bet on it.

If you’ve switched on the news in the past 24hrs you will have, no doubt, noticed that parts of Ireland have been placed in lockdown as world leaders, including President Barack Obama, descend on the country for the G8 Summit. 

Now, while the major topic will probably be Syria and intervention, Cameron has made a somewhat risky move. He has proudly declared he has secured agreement from Britain’s overseas territories and Crown dependencies that they will sign up to a new clampdown on tax evasion. Yeah, right. Like the British public are naive enough to believe this will actually happen. 

It is extremely ironic and downright insulting that Cameron makes all the right noise, while concealing the fact that his own father ran a network of offshore investment funds to help build the family fortune that paid for the prime minister’s inheritance, the Guardian revealed last August. I hardly doubt that Cameron will suddenly find some morals and ethics and close the gaps, not for his personal tax evasion anyway. However, his father wasn’t stupid because the tax evasion is, astonishingly, entirely legal. Panama City and Geneva, where the funds are based according to the Guardain boasts of their ability to remain outside UK tax jurisdiction. 

It is rather ironic, too,Image that Cameron comments on the tax affairs of non-Tories like Jimmy Carr but not those that profess to belong to his party. 

So whilst it may seem that we may soon start to see OUR tax funds increasing due to a clampdown to pay for the services that are provided to US, I would not bet on it. In fact, you may be wondering what in the world you’re doing by not storing your own fortune, however small, in Geneva. 

Disclaimer: I am not advising you to avoid tax, that was a satirical comment. 

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