Bishop identifies Jersey as a ‘tax haven’
03/02/2021
JERSEY has been accused of being a ‘tax haven’ and playing a role in causing global wealth inequalities by a UK bishop speaking in the House of Lords.
The Lord Bishop of St Albans, Alan Smith, referenced issues raised in the recent Fair Tax Now report published by the Christian campaign group Church Action for Tax Justice, which was critical of the actions of the UK and its offshore territories in allegedly depriving developing nations of wealth.
The high-ranking clergyman said that the UK used its offshore centres to extract money from poorer nations while denying them their tax take.
‘The presence of tax havens, whether they be British Overseas Territories or Crown Dependencies, combined with their close connection to the financial might of the City of London, facilitates an international network that syphons money out of nations and into these jurisdictions, with their low tax, weak legislation and easily exploitable loopholes,’ he said.
‘While I am pleased that the British Overseas Territories and Crown Dependencies have all committed to publish public registers of beneficial ownership by 2023, these territories will remain lucrative places to those seeking to avoid paying tax.
‘According to the 2019 corporate tax haven index, four of the top ten havens globally were UK associated territories: the British Virgin Islands, Bermuda, the Cayman Islands and Jersey.
‘The 2023 changes may go some way towards reducing their use, but the reality is that the City of London and the UK’s associated territories will continue to be at the centre of a network for international tax avoidance,’ he said.
He added that the UK government’s plans to develop post-Brexit low tax and low regulation ‘freeport’ zones within its territory could create ‘onshore tax havens’, and create a corporation tax ‘race to the bottom’.
The Island has come under the international spotlight recently after EU parliamentarians called for Jersey and other offshore centres to be blacklisted for their tax practices, such as having zero rate corporation tax.
Representatives of the finance sector, such as Jersey Finance chief executive Joe Moynihan and External Relations Minister Ian Gorst, have insisted that the Island is not a ‘tax haven’ and pointed to its record of compliance with international standards.
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.