Closing the Loopholes Would Provide Tax Revenues Sufficient to Permanently eliminate the Annual Deficit and Leave Enough as Reduce the National Debt.
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 but the task of closing the loopholes and recovering tax due is proving to be just about impossible since the bulk of the offshoot companies are registered in UK Crown dependencies such as, Bermuda, Gibraltar and Jersey.
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