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.