All British overseas territories with large financial operations have now signed up to the UK government’s strategy on global tax transparency.
In a move hailed by Chancellor George Osborne as “a significant step forward” in the fight against tax evasion, all British overseas territories with large financial operations have now signed up to the UK government’s strategy on global tax transparency.
This follows hot on the heels of similar deals made with Jersey, Guernsey and the Isle of Man earlier this year, and is aimed at cracking down on tax-dodgers who hide their money overseas.
Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands are the latest territories to agree to greater levels of transparency.
They will pass on bank account details to the UK tax authorities, as well as those in France, Germany, Italy and Spain. Details shared will include account-holders’ names, addresses, birthdates, account numbers, balances and payment details.
The news has been welcomed by tax transparency campaigners and it is believed these agreements will likely boost tax income for the UK Treasury.
Meanwhile, a couple who run who run bookshops in Warwick and Kenilworth in Warwickshire, have handed in a petition with more than 150,000 signatures to Downing Street, calling on internet retailer giant Amazon to pay their fair share of UK corporation tax.
Supporters for the petition include MP Margaret Hodge, Chair of the Public Accounts Committee, and actor Stephen Fry, who tweeted: “#AmazonUK may be useful but should they be getting away with funnelling their money through Luxembourg?”