Eagle Spins Caymans Aide Row

Following Guido’s revelation that the firm run by Labour’s new business tsar was incorporated in the Caymans, the FT’s Jim Pickard has asked Angela Eagle for a comment on her “ethical” business adviser. Eagle replied that Anthony Watson’s company “pays taxes in all the jurisdictions in which it operates”. What is the corporate tax rate in the Cayman Islands? Zero percent. Ian Cameron’s Panama fund paid taxes in all the jurisdictions in which it operated, and Labour said that was morally disgusting…

Labour Business Tsar’s Firm Incorporated in Caymans

The financial services firm run by Labour’s new business tsar was incorporated in the Cayman Islands, Guido can reveal. Anthony Watson is the flamboyant president and chief operating officer of Uphold Inc, an online financial services company headquartered in California. Earlier this year he was appointed by the Shadow Business Secretary Angela Eagle to chair Labour’s Business and Enterprise Advisory Council. Eagle said at the time: “Both Anthony and I are determined to lay the foundations for a shared capitalism… It’s great that Anthony has agreed to chair this group which will help forge a new vision for a dynamic industrial strategy, because he has the fresh ideas and a proven track record of putting innovation and ethics at the heart of business practices.”. Well, how’s that whole “shared capitalism” and ethics thing working out?

Watson took charge of his financial services company in April 2015, when it went by the name Bitreserve. This is from their website:

U.S. Securities and Exchange Commission documents seen by Guido show that Bitreserve’s jurisdiction of incorporation was the Caymans. Its address is a PO box.

What does Angela Eagle think about the ethics of her top business adviser running a company incorporated in the tax-free Caymans? 

McDonnell’s £14,000-a-Year Pension Managed in Guernsey

“There has been one rule for the rich and another for the rest of us,” said John McDonnell yesterday as he called on the PM to answer if he had “benefited directly or indirectly” from offshore funds. When McDonnell published his tax return and P60 he disclosed £14,421 in income from his Westminster City council pension. Like other former Westminster City council employees, McDonnell’s pension investments are managed by the City of Westminster Pension Fund Committee. In November 2014, the committee invested £100 million with Longview, an active global equity manager. This is the disclosure of the investment in their annual report:

longview

You will never guess where Longview Partners is domiciled:

“Longview Partners (Guernsey) Limited is licensed and regulated by the Guernsey Financial Services Commission”

Not sure Mao would approve. Although he did always warn of “a serious tendency towards capitalism amongst the well-to-do peasants”…

MPs’ Pension Scheme Managed Offshore

Potentially every MP has investments managed offshore through the parliamentary pension scheme. The latest annual accounts of the Parliamentary Contributory Pension Fund disclose that one of the fund’s managers is BlackRock UK Property Fund. A quick look at said fund’s prospectus shows it is domiciled offshore in Jersey:

When Labour MPs condemn Cameron’s father as “absolutely disgusting” for incorporating trusts offshore, remember their own pension scheme is run by fund managers domiciled in Jersey…

Corbyn’s Thousands in Offshore Income

Corbyn has eventually located his tax return for the last year – the most interesting thing is that he appears to have filed it late. Was he fined?

What isn’t disclosed is that in previous years Jezza made a significant amount of income from offshore sources. In the last few years he declared £5,000 in payments from Press TV, the Iranian state television channel, and another £5,000 from Al-Jazeera, the Doha-based Qatar-backed channel. Not to mention junkets to the Middle East, South America and elsewhere worth tens of thousands paid for by foreign governments. The corporate tax rate in Qatar is just 10%…

UPDATE: Corbyn’s spokesman confirms Jezza was fined £100 for filing his tax return late.

Osborne’s Tax Summary

The Treasury say:

“The dividend income relates to shares in Osborne and Little Group Limited, a UK resident manufacturing company of wallpapers and fabrics that was founded by his father. The dividends are derived from shares that the Chancellor of the Exchequer owns directly, and also as life tenant* of a family trust, based and resident in the UK which holds, as its sole asset, shares in that company. The Chancellor of the Exchequer paid income tax on these dividends.”

Osborne and Little has been hit by its own offshore rowThe PM, Chancellor and Shadow Chancellor have all released summaries of their tax returns – the Leader of the Opposition still can’t find his…

*A life interest trust is a trust established to provide the beneficiary with (who is known as the ‘life tenant’) the right to receive the income (after expenses) from the trust.  This right is usually given for their lifetime.  On their death the trust fund passes to the other named beneficiaries, known as the ‘residuary beneficiaries’.  Basically it protects the family capital and ensures it passes to children rather than, for example, ex-wives… 

BBC’s £84 Million in Bermuda

SDFFSDD

Cameron’s taxes and the Panama Papers have led the BBC News bulletins for the past week, yet licence fee payers remain unenlightened about Auntie’s own offshore financial arrangements. What better place to start than the 2013 BBC Pensions report, which lists investments held by the Beeb’s £9 billion employee benefit scheme. Scroll down to page 16 and it is disclosed that the BBC used investment managers Nephila Capital Ltd to invest £84 million:

dsfds

Nephila Capital is a wholly owned subsidiary of Nephila Holdings Limited and is a Bermuda domiciled company. As the BBC lines up pundits to jump on the outrage bus about Dave’s £30,000 in a Panamanian unit trust, they stashed £84 million with investors based in Bermuda. There is lots more of this…

Look in the Mirror: Millions Held Offshore

“David Cameron has behaved like a chancer over offshore funds,” blasted the Mirror’s leader on Friday: “Voice of the Mirror says hard to believe the PM will end the use of offshore financial hideaways by the filthy rich when he is cut from the same cloth”. What the Mirror didn’t tell its readers is that their paper is also “cut from the same cloth”…

When Trinity Mirror tried to raise funds by issuing new shares to investors, it set up TM Finance (Jersey) Ltd, a “special purpose vehicle” to collect the proceeds offshore. Trinity Mirror’s annual report discloses the existence of “The Trinity Mirror Employee Benefit Trust”, a pension scheme whose beneficiaries could well include Mirror employees like chief offshore critic Kevin Maguire. Is it really Mirror Associate Editor our Kev’s trust? Appleby Global (Jersey) Ltd administer the Mirror’s offshore millions boasting: “Our fiduciary operation in Jersey has provided a broad range of offshore fiduciary and administration services… Our clients include high net worth private individuals and families along with an enviable array of global and UK businesses, such as… Trinity Mirror”. Please, tell us more about those “offshore financial hideaways”…

Then there is the Trinity International Restricted Share Plan, administered by Barclays Wealth Trustees (Guernsey) Ltd, another offshore trustee. Mirror, Mirror against the wall, who is the most hypocritical of them all?

UPDATE: Our Kev says “not me guv”.

READ: Cameron’s Tax Returns

Cameron has released his tax returns for the last six years. Wisely his inheritance was split into £300,000 from his father and a £200,000 gift from his mother in 2011, tax planning which will ultimately save him £70,000 in inheritance tax if his mother survives 7 years from the gift.[…]

+ READ MORE +

Ken’s Spectacular Tax Hypocrisy

Ken Livingstone has gone on Russia Today to call for Cameron to be jailed over his taxes. That is the same Ken Livingstone who sheltered his earnings in a company so he could save £1,000-a-week in tax. Ken paid 21% corporation tax rate on £319,478 of earnings by invoicing to Silveta Ltd, instead of paying the 50% top rate of income tax.[…]

+ READ MORE +

Cameron Forgot to Mention Substantial Family Asset

cn-dc

cameron house 1

Yesterday in a very carefully worded statement Dave said the line:

“… I have some savings which I get some interest from and I have a house which we used to live in which we now let out while living in Downing Street.

[…]

+ READ MORE +

Art Imitates Life: Labour PPB Star Racked Up Huge Debts

Who is the star of Labour’s new Party Political Broadcast? Top BBC luvvie Art Malik, an appropriate choice given he famously racked up huge personal debts of £80,000, owing £55,000 to the bank and £32,000 to the taxman. Enjoy him bemoaning inequality while standing in front of a £1,200 fridge:

Malik was just days from bankruptcy before he was bailed out by a role in Arnie’s film True Lies, where he played a jihadi baddie who was strapped to a missile and fired into a helicopter:

A more convincing performance.[…]

+ READ MORE +

Cameron: I Have No Offshore Trusts, No Offshore Funds

Faisal Islam: The leader of the opposition has called for an investigation into your tax affairs for your own interests. Can you clarify for the record that you and your family have not derived any benefit in the past and will not in the future from the offshore Blairmore Holdings fund mentioned in the Panama Papers?

[…]

+ READ MORE +

No, Cameron Did Not Answer Panama Claims in the Past

The news that David Cameron’s father ran an offshore fund which avoided paying UK tax is not new – four years ago the Guardian published an almost identical story revealing the existence of the “entirely legal network of offshore investment funds set up in tax havens such as Panama City”.[…]

+ READ MORE +

Osborne’s £4 Billion Budget Black Hole

So the Budget vote goes ahead tomorrow with a £4 billion spending black hole – the money to pay for the PIP u-turn will not be found until the autumn.

The government will also u-turn on the tampon tax and solar panels, not opposing Labour’s amendments.[…]

+ READ MORE +

Through The Keyhole: Lansman’s £1.5 Million Pad

lansman flat exterior

Guido readers will remember that People’s Momentum chief Jon Lansman runs the grassroots Corbynista group from a million pound luxury riverside apartment at Shad Thames. But where did the Bennite previously reside? This is Lansman’s former four-storey property in Shoreditch, which sold for £1,525,000 in April last year.[…]

+ READ MORE +



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Quote of the Day

Heather Wheeler talks to Burton Mail about her tweet…

“It was a tongue in cheek pop after the European Parliament tweet – it was purely that. I also wanted to congratulate Team GB on a brilliant result and thirdly congratulate the Commonwealth countries who also did very well. Fourth, I am also looking forwarded to establishing new trade agreements. That was it – nothing more. Let’s just enjoy the summer!”

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