As Corbyn goes big on the Paradise Papers, it’s worth nothing that Labour rent their London headquarters from a tax exempt property unit trust fund based offshore in Jersey. Labour are thought to pay nearly a million pounds a year to lease the eighth floor of the Southside development on Victoria Street. The building is owned by WELPUT (The West End of London Property Unit Trust) – an investment trust established in Jersey, and managed by Schroder Property Managers (Jersey) Limited. Read their press release explaining the arrangement here.
Jersey Property Unit Trusts of this nature have a number of tax features that make them attractive – the rent Labour pays goes to Jersey. What did Corbyn say about people who send money offshore?