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Jersey Callously indifferent to tax evasion The difficulty of dealing with the mails that Jersey Callously indifferent to tax evasion The difficulty of dealing with the mails that

Jersey Callously indifferent to tax evasion The difficulty of dealing with the mails that - PDF document

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Jersey Callously indifferent to tax evasion The difficulty of dealing with the mails that - PPT Presentation

There is so much within them that requires comment But it s clear the key issue in here is a simple one the fact that Jersey is knowingly helping tax evaders to pursue their activities Ill have to deal with the other issues later The mail issued on ID: 40477

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JerseyCallouslyindifferenttotaxevasionThedifficultyofdealingwiththemailsthathavecomeoutofJerseyinthelastfewdaysisknowingwheretostart.Thereissomuchwithinthemthatrequirescomment.Butit’sclearthekeyissueinhereisasimpleone:thefactthatJerseyisknowinglyhelpingtaxevaderstopursuetheiractivities.I’llhavetodealwiththeotherissueslater.ThemailissuedontheinstructionsofTerryLeSueur(MinisterofFinance)andthestatementofMalcolmCampbell(headoftax)onlyaddtotheimpressionthatJerseyis,asIhavesuggested,rottentothecore.LookatwhatBillOgleysaysforLeSueur:ThecontrollerofIncomeTax…hasmadeastatementclarifyingthattheexchangewasdevotedtoantiavoidanceratherthanfacilitationofavoidance,asallegedbythereporter.Ofcourse,that’sright.Thecorrespondencewasconcernedwithpreventingavoidance.ButonlyinthecontextofJersey.ThisisapparentfromMalcolmCampbell’scommentthat:Iam..contentthatIwillhave..powerstoattackanytaxavoidance..onthedomestictaxfront…Itisamatterforotherjurisdictionsworldwidetotakepowerstothemselvesintheirowndomestictaxlawsiftheyfeelthattheircitizensareavoidingorevadingtheirowndomestictaxes.Inotherwords,asCampbellhimselfacknowledges,andastheAttorneyGeneralofJerseyobviouslyrealisesonlytoowell,thenewtrustlawsinJerseydo‘facilitategreatertaxavoidance’(astheAttorneyGeneralapparentlyputitalthoughasiscommonplaceinJerseywheretheparametersofacceptabilityaresomewhatdifferentfromthoseelsewhere,foravoidancepleasereadevasion).ButCampbelldoesnotcareabouttheconsequencesofthelegislationfortherestoftheworld.Worsethanthatthoughhehastriedtopretendthereisnosuchriskforothers.Hesaidinhisstatement:Webelievethatatrustshouldbeatransparentvehicle,withthedeclarationoftrustsettingoutunambiguouslytheextentofthepowersofboththesettlorandtrustee.Theeffectoftheproposedchangeswillbetoenhancetransparencyandaccountability,somethingthatcanonlybeofbenefittothosewhoestablishtrusts;thosewhoadministerthemand,indeed,thosewhoseektochallengethem.ItisimpossibleformetobelievethatCampbellthinksthistobetrue.Thereasonissimple.ItisnottrueofJerseytrusts.Thereasonsare: ThereisnoregisteroftrustsinJersey.Nooneknowshowmanythereare,forxample;ThereisnorequirementforatrustinJerseytopublishitstrustdeed,toanyone;ThedutyofatrusteeinJerseyistoconcealtheidentityofthesettlor,thetrustdeedandtheactionsofthetrust.Thisisimplicitintheprofessionalrelationshipofclientconfidentiality,whichisnotinanywayoverriddenbystatuteinJerseywithregardtotrusts;NotrusthastofileaccountsinJersey,andifthetrustiscreatedforanonresidentpersontheydonothavetosubmittaxreturns.TothereforesuggestthatwhatJerseyisdoingisto‘enhancetransparencyandaccountability’isinstraightforwardtermsuntrue:thereisnoconceptofeithertransparencyoraccountabilityinherentinJerseytrustsorthelawandpracticeofthem.Indeed,theirentirepurposeistofacilitatetheexactopposite.AndgiventhatopaquenessandimpregnabilityaretheirintentionMalcolmCampbell,TerryleSueurandalltheotherspartytothiscorrespondencemustknowthatjustasthisnewlawenhancestheopportunityforabuseinJersey(JohnHarris’commentstothecontrarybeingsoabsurdthatanyremainingshredofcredibilityhehadintheinternationaltaxcommunitymusthavegone)soitfollowsthatitmustincreasethechanceforabuseelsewhereaswell,anabusewhichthoseothercountrieshavenochanceoftacklingpreciselybecauseJersey’slawisdesignedtomakesurethattheperpetratorsoftaxevasionarebeyondreach.InwhichcasethedefenceofferedbyJerseyiscompletelyhypocritical.IthascreatedanewlawwhichhasdeeplyworriedoneofitsseniorlawofficersbecauseoftheopportunityforabusewithinJerseythatithascreated,andthatconcernissojustifiedthatstatutorystepsarerequiredtopreventJerseycitizensavailingthemselvesofthatopportunity.AndyetJerseywishestopretendthatthisshouldbenoconcernforanyoneelse.TherealityisthatallcountrieswhowishtotacklecriminalitywillseethatJerseyispromotingtaxevasionbyactingasithas,andisquiteindifferenttotheconsequences.Thisiscorruptionofthehighestorder.Internationalactionisneededtostampitout.AndtheUKhastotaketheleadindoingso.RichardMurphyDirectortaxResearchLLPwww.taxresearch.org.uk/blog/