Will Boris Johnson leave the EU without a deal and use Brexit to turn the UK into a tax haven?
It appears that Boris Johnson’s government is keen to create tax-free ports in the UK, which is why he is determined to leave the EU without a deal and use Brexit to turn the UK into a tax haven.
JEREMY CORBYN ACCUSED THE CONSERVATIVES OF USING BREXIT TO TURN THE UK INTO A TAX HAVEN
Similar to this article, which highlights that Brexit is a tax avoidance scam perpetrated by Tory Brexiters, in 2017, Jeremy Corbyn accused the Conservatives of using Brexit to turn the UK into a tax haven:
“Britain is going to change as a result of leaving the European Union. The question is how. The Conservatives want to use Brexit to turn our country into a low wage tax haven.”
In the past, UK has enacted laws to exempts UK’s wealthy elite from paying their due taxes by setting up tax havens in British Overseas Territories, depriving the British people of their national wealth, such as public funds.
Hard-working British people are forced to pay their taxes, while members of the wealthy elite, such as Hugh Grosvenor, 7th Duke of Westminster, a billionaire landowner of the estate that sprawls across the pricey London neighbourhoods of Mayfair and Belgravia, avoid paying due taxes by setting up an offshore trust.
Hugh Grosvenor, 7th Duke of Westminster who inherited his father’s £9bn worth estate should have paid his inheritance tax and increase the British national wealth by £4.4bn but declined to do so, because the British government and courts aren’t keen on ending tax-avoiding practices in the UK!
If the British government was committed to ending tax-avoiding practices in the UK, then the British people wouldn’t undergo harsh austerity measures or Brexit, which is why when the European Commission presented the first draft of its Anti Tax Avoidance Directive, Boris Johnson and his Ministers campaigned to leave the EU to consequently preserving the British way of life, which is tax avoidance by the wealthy elite!
TORY VISION OF USING BREXIT TO TURN THE UK INTO A TAX HAVEN
As early as 2011, prominent Tory Brexiteer, Jacob Rees-Mogg oppossed the EU Financial Transaction Tax, expressing his admiration for the Singapoore tax haven:
This was reiterated again in 2012 by the then Tory treasurer, Lord Stanley Fink who called for tax law changes that would turn the UK into a tax haven, stating:
“I don’t see why the UK should not compete for jobs that at present are going to the Cayman Islands. I lobbied George Osborne when the Tories were in opposition. I have long felt that the British government loses jobs to tax havens by allowing the Revenue to have these rather archaic rules.”
Lord Stanley Fink was a director of three firms which have subsidiaries or a parent company in the Cayman Islands, Luxembourg and Guernsey, and is renowned for being the godfather of the hedge fund industry, amassing to an estimated personal fortune of £180m.
Jacob Rees-Mogg’s hedge fund, Somerset Capital Management, is managed via subsidiaries in the tax havens of the Cayman Islands and Singapore and according to the Guardian, the prominent Tory Brexiteer and European Research Group (ERG) member defended his tax-dodging practices by using such tax havens by saying:
“I do not believe people have any obligation to pay more tax than the law requires.”
Sharing his vision for the post-Brexit UK, Mr Johnson hinted that if he becomes British Prime Minister, he’ll turn parts of the UK into Singapore-style tax-free zones, otherwise known as Free Ports, areas where taxes and tariffs do not apply, which means you can import goods, store them and re-export them without pestering UK tax collectors.
Eighteen months after Jeremy Corbyn accused the Tories of using Brexit to turn the UK into a tax haven, Boris Johnson confirmed that his opponent was right again by claiming that he favours low tax regimes:
“We could do free ports, if the UK leaves the European Union as scheduled on 31 October. It would be a massive boost to this economy, but only once we come out. I will have about six of them, by the way. We should definitely be doing freeports and tax-free zones.”
Even Boris Johnson confirmed that due to the new EU Anti Tax Avoidance Directive, Tory Brexiteers can’t turn the UK into a global tax haven, stating:
“I think there are around 130 countries that have them. We don’t, because of our membership of the EU. And there are plainly areas that would benefit from them.”
The British Prime Minister and his pro-Brexit cabinet ministers campaigned to leave the EU because, according to them, that’s the only way to restore the sovereignty of the British Parliament, but it seems that Brexit isn’t about the sovereignty of the British Parliament because if that was the case, Boris Johnson would have never even considered proroguing it!
Therefore, the leave campaign is a Tory Brexiters orchestrated tax avoidance scam, which needs Brexit to turn the UK into a tax haven and protect the British wealthy tax-dodgers from the EU Anti Tax Avoidance Directive and ECJ!
For detailed insights about how the new EU Anti Tax Avoidance Directive led to Tory Brexiteers’ urge to use Brexit to turn the UK into a tax haven, please read this post.