Friday, 13 April 2012

Tax Dodger MP Redwood

Liberal Conspiracy reveals that local MP John Redwood makes a living facilitating tax dodging. http://liberalconspiracy.org/2012/04/12/no-wonder-john-redwood-wants-to-avoid-focus-on-tax-avoidance/

John Redwood has been arguing against forcing MP’s to disclose their tax affairs, now we know why.

“Surely there is some personal space?” Redwood pleads. “Do you want their medical records?” Furthermore, he is peeved at the bad press tax avoidance has been getting of late. “Maybe,” he suggests, “the people who are saving for the future are more virtuous because they won’t be a burden on the tax-payers when they retire.” Redwood has good reason to defend tax avoidance.

In the last financial year- leaving aside expenses- he topped up his MP’s salary with £187,796. The greater part of this he earned as Chairman of the Investment Committee of Evercore Pan-Asset Capital Management Ltd; a company he helped set up in 2007.

Evercore specialises in funds ‘domiciled
in tax efficient jurisdictions like Dublin or Luxembourg’, which enable investors to avoid UK taxes. The company boasts that it ‘looks after a number of successful individuals and families’ and the minimum investment for most of their products is £50,000.

Nice work John, representing the interests of the wealthiest at the cost of the rest of us.

9 comments:

Jonathan said...

Where did you read that they operate offshore? I had a look at their website, and there is no mention of offshore investments. They are regulated by the UK Financial Services Authority rather than the Luxembourg or Irish equivalent. Also, they are not major offshore centres for investments, that is generally British Overseas Territories and Crown Dependencies such as Gibraltar, Jersey, Isle of Man, British Virgin Islands and Cayman Islands, and also Leichtenstein.

Ireland and Luxembourg are used by foreign owned companies to sell to the EU market while paying as little Corporation Tax as possible, and in the case of Luxembourg, to pay as little VAT as possible when selling electronically supplied goods.

Also, investing offshore only helps you avoid tax if you are non-resident - if you don't live in the UK then earnings from non-UK sources are of no concern to HMRC; or non-domiciled and there are now limits to what a non-domiciled person can earn offshore without paying tax.

Secondly, the £50,000 minimum investment is for "Class B" units which have reduced charges. You can invest in "Class A" units in the same funds with a minimum investment of £1,000.

Adrian Windisch said...

Most of the post is quoting from the Liberal Conspiracy website, the link is in the post.

I heard recently of other dodges, setting up a mock charity abroad , give koney to the charity that can offset tax while sneaking the money back home. Cameron was talking about it the other day.

Steve said...

"I got it off the internet"

LOL

And you represent the Greens? Mmmm.

Steve said...

"I got it off the internet"

LOL

And you represent the Greens? Mmmm.

GIDEON MACK said...

Red Ken has opened a can of worms.

Whilst locally I desire nothing more than the deselection of the Tory majority who hate poor people I can't think of any reason why politicians should declare their income as long as it doesn't affect their judgement.

Being a Wokingham Tory who has ignored us - the public - Johnny Redwood does deserve some sort of kicking though.

Adrian Windisch said...

Steve, your prejudice is showing.

Gideon, If it affects ones judgement then full disclosure. Anything else seems corrupt. If Ken was getting dosh from a bus company and Boris was getting money from BA then we should know it as that would effect their judgement. Money from say journalism is probably safer.

Steve said...

Adrian...

Don't copy stuff of the internet and use that as a justification as to its authenticity. That's crazy and makes people wonder about every other stat on here. Once you've lost credibility in that department you're in a mess

I have voted Green last two opportunities I had. My prejudice is against ignorance.

Adrian Windisch said...

All blogs and media quote things, if a link is given and quotation marks used. You seem to be saying that anything on the net cannot be used. Sorry but that sounds ridiculous. Liberal Conspiracy is one of the best known political blogs, i suggest you follow the link.

The discussion on one aspect of this does not detract from the main point, Redwood closely represents the opinions of those who pay him.

howard thomas said...

Receiving money from whoever is certain....yes, certain , to affect judgement. Those in public life should have to declare any income and its source. If thats a problem then find another job !