UK lax tax laws provide a myriad of loopholes which are widely used for tax avoidance and the Treasury is losing many £ billions of tax revenues each and every year.
Five of the UK’ largest banks use tax havens, namely Barclays, Lloyds, TSB, HSBC, and the Royal Bank of Scotland.
Just about all of the larger retailers, (supermarkets) and food manufacturers compete for places in the top 10 tax haven users A survey of the UK’s largest 100 public companies revealed that there are over 8,000 linking offshoots involved in business activities, (onshore and offshore) all registered in tax havens. Only 2 out of the 100 public companies had no offshoots registered in tax havens.
George Osborne, in a recent speech brought the issue to the attention of the UK public stating the matter needed to be resolved. The task of closing the loopholes and recovering tax due is proving to be just about impossible since the bulk of the offshoot companies were registered in UK Crown dependencies such as, Bermuda, Gibraltar and Jersey.
Recent Scare stories broadcast by Asda, John Lewis, B&Q, Tesco, Virgin, Timpsons and many of the other large retailers providing goods & services to Scotland should be considered against the fact that just about all of them and their management teams pay little or no tax to the UK Treasury.
So a load of tax dodgers, briefed, instructed and to be rewarded by David Cameron, (over 100 lords created in 3 years) fully utilizing a Westminster compliant and corrupt BBC, press and other media outlets spread rumor an innuendo about unspecified price increases just before the referendum .
Cameron and Osborne and the rest of the political elite at Westminster should be ashamed allowing Trillions of tax to be dodged by billionaire owners and their management teams whilst harassing Scot’s earning a pittance for every penny they are able to screw them for.
Not any more I fully expect Scot’s will exact their right next week and vote, “Yes” in the referendum so that our nation can once more stand proud amongst all the other countries of the world