John Morris from the Harvest Partnership said that investors have different reasons for investing off-shore.
Speaking during News Hour, he said: “People may use it because the level of regulation may be slightly less and at the extreme end of things people may use an offshore investment because they believe they are concealing money from HMRC.”
His comments follow the Prime Minister’s spokesperson sharing the fact that the UK’s tax authority has asked to see the leaked documents detailing popular tax avoidance schemes.
The so-called Paradise Papers reveal secret overseas investments of the rich and powerful invest millions in offshore tax havens.
Those involved include the Queen’s private estate, Conservative party donor Lord Ashcroft and U2 frontman Bono.
Morris said that it’s also important to understand the climate in which some of these people may have invested.
He said: “We have to look back and we have to say the particular investments that were chosen, were done in 2004, 2005.
“The climate on these things was very different then. These things were often done at arm’s length so people don’t actually know what’s going on.”
Meanwhile, Labour’s renewed its call for a public inquiry into tax avoidance.
Jeremy Corbyn has suggested the Queen should apologise if her private estate invested £10 million of her personal fortune offshore to avoid paying tax in Britain.
The Labour leader said those involved in the…
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