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Labour calls for war on offshore tax havens | Labour calls for war on offshore tax havens |
(2 days later) | |
Ed Miliband wants an end to tax havens for UK residents, starting with the Channel Islands and Isle of Man. | |
Under current rules, British residents are able to keep money in offshore accounts where it can go unnoticed by HM Revenue and Customs. | Under current rules, British residents are able to keep money in offshore accounts where it can go unnoticed by HM Revenue and Customs. |
Labour said the government should "start with diplomacy" to try to encourage tax havens to reform. | Labour said the government should "start with diplomacy" to try to encourage tax havens to reform. |
But if that fails, the opposition said ministers should threaten to put them on an international blacklist. | But if that fails, the opposition said ministers should threaten to put them on an international blacklist. |
Last week, Mr Miliband promised to continue to "deliver fairness" despite acknowledging that money would be tight for years to come. | Last week, Mr Miliband promised to continue to "deliver fairness" despite acknowledging that money would be tight for years to come. |
The Labour leader said he would crack down on "vested interests" and "crony capitalism". | The Labour leader said he would crack down on "vested interests" and "crony capitalism". |
Loopholes | Loopholes |
A party source said: "In these tough times, when unfair choices are being imposed on people - like cuts to tax credits, or changes to child benefit - everything needs to be done to ensure those that owe tax pay their fair share." | A party source said: "In these tough times, when unfair choices are being imposed on people - like cuts to tax credits, or changes to child benefit - everything needs to be done to ensure those that owe tax pay their fair share." |
The European Union says it is working to close tax loopholes, but Mr Miliband is calling on the government to press for much faster action at EU level. | The European Union says it is working to close tax loopholes, but Mr Miliband is calling on the government to press for much faster action at EU level. |
He also says UK ministers should start with the tax havens they are responsible for, such as British Crown Dependencies like Guernsey and Jersey. | He also says UK ministers should start with the tax havens they are responsible for, such as British Crown Dependencies like Guernsey and Jersey. |
According to the Observer, Mr Miliband wants the UK government to force the authorities in the Channel Islands and the Isle of Man to reveal the names of tax evaders. | According to the Observer, Mr Miliband wants the UK government to force the authorities in the Channel Islands and the Isle of Man to reveal the names of tax evaders. |
And he wants to stop wealthy individuals avoiding tax by investing in complex financial products, rather than in simple bank accounts. | And he wants to stop wealthy individuals avoiding tax by investing in complex financial products, rather than in simple bank accounts. |
A party source said: "We would start with diplomacy, as that is what has worked in the past. | A party source said: "We would start with diplomacy, as that is what has worked in the past. |
"And if they won't comply voluntarily the government should repeat the tough stance the last Labour government took with them - threatening to put them on the [Organisation for Economic Co-operation and Development] blacklist if they remain uncooperative, which would discourage investors into these tax havens." | "And if they won't comply voluntarily the government should repeat the tough stance the last Labour government took with them - threatening to put them on the [Organisation for Economic Co-operation and Development] blacklist if they remain uncooperative, which would discourage investors into these tax havens." |
Prime Minister David Cameron has promised to crack down on tax evasion and in November, G20 members agreed to sign a convention designed to tackle the problem more effectively. | Prime Minister David Cameron has promised to crack down on tax evasion and in November, G20 members agreed to sign a convention designed to tackle the problem more effectively. |
The OECD said the move could provide governments with up to $100bn (£62bn) in additional tax. | The OECD said the move could provide governments with up to $100bn (£62bn) in additional tax. |
Following the agreement, Mr Cameron acknowledged that the system in place to date - including in the UK - had been "woeful", but improvements would now be made. | Following the agreement, Mr Cameron acknowledged that the system in place to date - including in the UK - had been "woeful", but improvements would now be made. |
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