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Revealed: UK top 20 companies paradise tax

When the boss of Barclays Bob Diamond has confirmed that the Bank had approximately 300 subsidiaries in tax havens, there are exclamations of dismay to a Committee of the Treasury Board, heard earlier this month.

Hidden: Many of BP’s companies is based in Bermuda

Little the highly charged meeting would have believed that such a vast network of companies offshore existed, potentially allowing the Bank and its customers to avoid huge sums in tax.

They would still be in the dark had MP Chuka Abdullah not put figure at the diamond in the first place.

But an investigation by the Financial Mail can reveal that structure Byzantine of Barclays is far from rare. In fact, it is more the tip of the iceberg as the largest companies in Britain are concerned.

More than 1 000 subsidiaries in offshore tax havens are operated by 20 largest companies of Great Britain only.

British tax authorities are currently in secret war with tax jurisdictions. Only Friday last Revenue & Customs held his first meeting with the Swiss negotiators on a plan to recover the tax of more than 100 billion £ dirty distance by UK taxpayers to bank accounts in Switzerland, Financial Mail includes.

The largest companies are not likely to be exempt from the tax in the same manner as individuals, but through their subsidiaries networks, they can structure their affairs so as to avoid the tax.

And while there is no way to accurately measure the amount of tax that businesses have avoided to pay the Exchequer over the years due to their opaque offshore structure, level of their presence in secret offshore jurisdictions raises serious questions about what they do there.

Revelation: Bob Diamond Barclays boss, said the Bank had approximately 300 companies in tax havens

At a time where we are told that we are ‘all in this together’, many will want to know if laborious bretons are picking up the tab unpaid tax by our largest companies.

Adil, Labour MP for Streatham, South London, said: « tax avoidance by big business on a large scale is in years and it’s time the Government got a grip on it. It costs the Exchequer more than £25 billion a year. We could reduce this deficit by clamping down on the gaps and to ensure revenue & Customs has the resources to do this. »

›› See the full list of tax havens

Among the largest hoarders of subsidiaries – with 85 in jurisdictions super-secret, according to Companies House – is BP. In an ironic twist, his tax Chief, John Bartlett, was appointed this month by the Government to sit on a Panel on tax evasion. According to the Treasury, group « is part of the Government’s commitment to the fight against tax avoidance and strengthening sustainable means of defence to mitigate the risks of long-standing avoidance ».

A spokesman for BP that it had only 67 companies registered in offshore territories. « ‘ Bermuda and Luxembourg together account for two-thirds of them – Bermuda mainly because many companies focused on the BP Shipping are based there and the Luxembourg due to our pan-European trading and marketing, » he said.

Vodafone, which is in dispute with New Delhi on its tax bill, has 20 companies on the ocean Indian island of Mauritius, which has concluded an agreement allowing companies to avoid the Indian capital gains tax.

The telecommunications giant recently concluded an agreement with the collector of taxes owed by a Luxembourg subsidiary. Critics say that it descended with a beak billion £1 where he would have had to pay £6 billion – and the National Audit Office is now studying the tax authorities to try to see if proper procedures were followed in this area and in other cases. Vodafone has 50 companies in tax havens. A spokesman said: ‘when we acquired our participation in India, we bought a company Cayman of Hutchison and below who had a certain number of Mauritian companies.’

HSBC has 62 companies in offshore centres, especially in the Channel Islands and the Isle of Man. The Bank said that it offered only banking services at retail to local customers. Royal Bank of Scotland has 121 branches in offshore tax centres. He said that one third of those of the Cayman Islands – where he had 70 subsidiaries according to her annual statement – were British tax system, which means that they pay full UK tax. He said that some since had been sold, while the other subsidiaries were part of its international banking activities.

Lloyds Banking Group, which has 135 offshore companies, said that it meets their tax obligations. Standard Chartered bank has 37 branches in offshore centres.

Shell has 47 offshore subsidiaries, mainly in Bermuda, although the company stated that its holding company, Royal Dutch Shell Group, is based in the Hague and tax non-British.

Tesco has 40 branches, mostly in the Cayman Islands and Jersey. Minor Anglo American was joined by Grolsch Brewer SAB Miller in refusing to give figures.

Bill Dodwell, an expert from the tax to the Deloitte accountant, said: « the Offshore companies can be used to British tax planning, but there are many cases where it is to do with favorable corporate law. »

A spokesman for revenue from operations in tax havens, often act as a red flag for investigators. « If we see a company with a subsidiary somewhere known to be a tax haven, it raises our risk assessment, » he said.

Name: Top 20 companies UK tax havens

A survey of Financial Mail revealed today more than 1 000 subsidiaries in offshore tax havens are operated by the 20 largest companies in Britain.

Tax haven: Guernsey, Channel Islands

Here we detail the tax havens using these companies.

Total number of subsidiaries in tax havens

Shell – 47
HSBC – 62
BP – 85
Vodafone – 50
Glaxo – 13
Rio – 18
BHP – 24
British American Tobacco – 41
Lloyds Banking Group – 135
Unilever – 5
RBS – 121
Xstrata – 7
Barclays – 298
Diageo – 7
BG Group – 10
Tesco – 40
Standard Chartered – 37
Anglo-American-figures not available
SAB Miller – figures not available
AstraZeneca – 3

Total – 1003

Tax havens analyzed: Cayman Islands, Jersey and Guernsey, Isle of Man, Gibraltar, Bermuda, Virgin Islands British, Turks & Caicos Islands, Vanuatua, Luxembourg, Mauritius, Malta, Cyprus, Nauru, Monaco, Panama and Liechtenstein

Detailed breakdown of where the undertakings operate:

Shell – 47

Cayman Islands – 6
Jersey and Guernsey – 2
Isle of Man – 4
Bermuda – 35

BP – 85

Cayman Islands – 13
Jersey + Guernsey – 5
Gibraltar – 2
Bermuda – 15
British Virgin Islands – 22
Luxembourg – 21
Mauritius – 1
Cyprus – 1 Panama – 5

HSBC – 62

Cayman Islands – 6
Jersey and Guernsey – 33
Isle of Man – 6
British Virgin Islands – 12
Luxembourg – 2
Panama – 2
Liechtenstein – 1

Vodafone – 50
Cayman Islands – 1
Jersey and Guernsey – 13
Bermuda – 1
Luxembourg – 11
Mauritius – 20
Malta – 4

Glaxo – 13

Cayman Islands – 1
Jersey and Guernsey – 2
Bermuda – 3
Luxembourg – 1
Mauritius – 2
Malta – 1
Cyprus – 1 Panama – 2

Rio Tinto – 18

Cayman Islands – 5
Jersey and Guernsey – 2
Bermuda – 9
Panama – 2

RBS – 121

Cayman Islands – 71
Jersey and Guernsey – 30
Isle of Man – 3
Gibraltar – 3
Bermuda – 3
British Virgin Islands – 4
Luxembourg – 6
Liechtenstein – 1

Lloyds TSB Bank Plc + Bank of Scotland – 135

Cayman Islands-28
Jersey and Guernsey – 88
Isle of Man – 2
Gibraltar – 4
British Virgin Islands – 6
Luxembourg – 4
Panama – 1
Liechtenstein – 2

British American Tobacco – 41

Cayman Islands – 1
Jersey and Guernsey – 18
Isle of Man – 4
British Virgin Islands – 1
Luxembourg – 2
Malta – 2
Cyprus – 5
Panama – 6
Liechtenstein – 2

Unilever – 5

Bermuda – 3
Panama – 2

Barclays – 298

Cayman Islands – 179
Jersey and Guernsey – 55
Isle of Man – 30
Gibraltar – 3
British Virgin Islands – 3
Luxembourg – 16
Mauritius – 6
Malta – 2
Monaco – 1
AstraZeneca
Panama 1
Cayman 1
Bermuda 1

Diageo – 7

Jersey and Guernsey – 4
Panama – 1
Cyprus – 1
Bermuda – 1

BG Group – 10

BVI – 6
Cayman Islands – 3
Mauritius – 1

Tesco – 40

Cayman Islands – 16
VIRGIN ISLANDS BRITISH – 4
Luxembourg – 4
Mauritius – 1
Jersey and Guernsey – 15

Standard Chartered-37

Jersey and Guernsey – 12
Bermuda – 1
VIRGIN ISLANDS BRITISH – 2
Cayman Islands – 10
Mauritius – 10
Isle of Man – 2

AstraZeneca – 3

Panama – 1
Cayman – 1
Bermuda – 1

Xstrata – 7

Cayman – 1
Bermuda – 6

SwissLeaks: Belgian justice increase the tone and threatens Switzerland

Gilbert Dupont Published Monday, February 09, 2015
• SwissLeaks: PS offers three ‘strong measures’ pay to fight the great tax fraud

Economy

Threats expressed Monday morning in Brussels at the press conference of the Prosecutor’s office through its substitution Rym Kechiche spokesperson.

In the matter of the fraud alleged Swiss Bank (payment of amounts of several hundreds of millions of euros of tax evasion), the investigating judge Belgian Michel Claise notes that « the Swiss justice turned a deaf ear’, unresponsive »two months to requests for mutual legal assistance expressed by the commission ». Swiss justice « turned a deaf ear » while Switzerland and Belgium are linked by a convention which obliges to this mutual assistance.

According to the Prosecutor’s office in Brussels, the Belgian judge is in contact with HSBC Bank to invite it to spontaneously provide the data requested as to the amounts of suspicious financial transactions.

And Brussels rising tone. S it is not satisfied with these requests, Belgian justice does not exclude (« could and consider ») to use coercive means « and »issue international arrest warrants charge of alumni and even current leaders of HSBC », heads of criminal organization, aggravated tax fraud, illegal practice of intermediary financial and money laundering.

In 2006 and 2007, the bank HSBC Geneva one implementation of a system of tax evasion. The placement of money from its customers in offshore companies permit the escape of more than 252 billion through payroll over 200 pour on behalf of 130 000 natural or legal persons. Images of fr the explanations.

Several media, not Le Soir, published Sunday evening a new survey of the international network of journalists investigation ICIJ, that the Swiss bank HSBC Private Bank has developed the main on 102 billion dollars in deposits from around the world, and has actively customers to its help to evade their tax obligations. Pour the Belgium, fraud is $ 6.2 billion.

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