GUERNSEY FINANCE has supported a crackdown on the improper use of offshore tax havens announced by new Prime Minister Theresa May.
Mrs May has said, not for the first time, that she wants to ‘reform capitalism’, her comments particularly linked to the BHS collapse, and the actions of former owner Sir Philip Green and his wife, who used private companies registered offshore.
Two Commons committees said that the use of offshore companies at BHS had reduced ‘corporate transparency’ and Mrs May’s spokesman said she was determined to curb ‘irresponsible and reckless behaviour’ by businesses. She is understood to have instructed officials to consider moves to ban certain offshore tax arrangements.
Plans could be drawn up by the autumn.
‘I believe we should welcome the report of the Committee of Public Accounts as part of the UK’s ongoing fight against tax evasion,’ said Guernsey Finance chief executive Dominic Wheatley in response.
‘Guernsey is not a tax haven and we do not look to condone or facilitate tax fraud in any way. We strongly believe that all tax should be paid where it is due and that international finance business should be conducted in an open and transparent way that provides tax authorities with the access to relevant data to enable them to ensure that this happens. That is why Guernsey has been an enthusiastic disciple to the international initiatives to ensure proper levels of transparency in international finance.'