This article was last updated on April 16, 2022
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Recent reports have revealed that UK’s Prime Minister, David Cameron, personally intervened during the formulation of EU transparency laws when they affected offshore tax trusts even though he was warned it could lead to a loophole for tax dodgers. In a letter addressed to then-European Council president, Herman van Rompuy, Mr. Cameron argues for trusts to be treated differently from companies in anti-money laundering rules.
Mr. Cameron claimed in the letter that it was “clearly important we recognize the important differences between companies and trusts,” adding that “this means that the solution for addressing the potential misuse of companies, such as central public registries, may well not be appropriate generally.” In response to the news, the Dutch MEP who led the European Parliament’s work on the draft rules, Judith Sargentini, mentioned that she saw the UK’s call for different treatment for trusts as “a danger and a possible loophole.”
The discovery of this letter is going to further pressure on Mr. Cameron after the Panama Papers leak revealed that his late father, Ian, had been the director of an offshore fund that allegedly paid no UK tax in 30 years. Labour’s shadow Treasury Minister, Mr. Richard Burgon pointed out that the story “completely undermines” Tory claims to be determined to act on tax avoidance. Mr Burgon said stated that “another day and another story emerges which exposes what the Conservative Party really thinks in its heart of hearts about tackling tax avoidance.”
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