The “Panama Papers” has left many people asking “How can you ever trust the Tories to enact fair tax laws - when many of them; and their families; are using complicated expensive tricks to avoid paying their fair share”?
Does it surprise you that Gascoyne Cecil are reported to have many of their assets held in a Jersey Trust (whilst plastering their estate with ‘Vote Conservative’ posters at election time)?
Did it surprise you that the Cameron family are reported to have used offshore company specialists based in Panama to keep their wealth away from UK Tax Authorities?
It is wrong to criticize celebrities or multinational companies for bad tax behavior - when those who have had democratic power placed on them do exactly the same.
We do now need to establish the extent to which members of both Houses of Parliament - and all levels of elected local government (Parish/Town, Borough and County Councils) – together with both their associates and immediate family (wife, partner, children, parents, brothers, sisters) - have any interest or income / right to income at all in any Company, Mutual Fund, Insurance or Pension Policy, Trust, Foundation or other type of scheme that is managed to any extent whatsoever outside the UK.
Including any ability to charge anything (other than proper business expense) to a credit or debit card that is settled by a foreign bank account.
That probably requires all such folk to provide annual details of all these things - that they are required to personally certify.
We could probably agree to a ‘de-minimus’ (value below a limit) thresholds – such as £35,000 (about the lower rate tax rate threshold) for all value associated with an individual in any way to keep things as practical as possible.
Precise rules need to be written and put into law.
Precedents do largely exist in existing money laundering and financial services ‘regulated person’ rules.
Our Leader Jeremy Corbyn has pledged to fully disclose records of all his own tax affairs.
He has called for others to follow suit.
If “We’re all in this together,”…………….. proof please!