David Cameron and tax avoidance or evasion

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Blairmore Holdings Inc., named after Ian Cameron’s former family home in Scotland, moved its operations (from The Bahamas) to Dublin in 2010 and started paying the low rate of Irish corporation tax.

A source close to Blairmore said: “It was very much the prevailing wind at the time that these things were starting to come under more scrutiny around the world. Tax laws were changing so it was moved.”

[My note: The Camerons were apparently scared of scrutiny with David Cameron as PM so moved from a tax haven outside the EU, not back to the UK where the managers really were, but to Ireland with its much lower tax regime – but now within the EU.

All of which demonstrates how fallacious the ‘location’ of the investment fund actually was – that it could be moved anywhere – except the UK where its real managers were – in order to avoid (if not evade) tax.]

Why would you move a company from the Bahamas to Dublin?

Both the Bahamas and the Republic of Ireland have favourable tax regimes for businesses registered there which have income from outside the country.

Both have territorial tax systems, which means that a company which is registered but has no trade there could have no tax liability at all in the country.

This means that in both places businesses could pay little or no tax on income arising abroad.

Ireland also has a very low corporation tax rate, of 12.5 per cent. Currently corporation tax in the UK is 20pc, thought this is set to fall over the next few years.

Experts said Ireland’s geographical position and Dublin’s status as a large financial centre may make it look more acceptable as an overseas base for a British business

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My note – There are still a lot of questions to be asked about the Cameron family wealth especially in relation to the relatively modest amount of £2.74 actually declared in the will of David Cameron’s father. One might think that it is likely that some of the family wealth still sits in trust funds and other accountancy schemes designed to avoid inheritance tax. Is this the ‘savings’ that David Cameron says he gets interest on? Remember that Blairmore still has holdings of around £35 million.

source and for much more devastating detail see the Conservative suppporting Daily Telegraph at : 

http://www.telegraph.co.uk/news/2016/04/05/panama-papers-david-cameron-forced-to-declare-tax-affairs-amid-o/

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