|LETTERS FROM LONDON
|REASONS TO BE CHEERFUL
10 April 2016
|Mea Culpa - Moi?
“I loved my dad, I miss him every day. He was a wonderful father and I’m very
proud of everything he did.” Like paying no UK taxes? Dave stands to avoid up
to £80,000 in inheritance tax after his mother gave him £200,000 following the
death of his father. So proud.
You know about all those rich and privileged in the world hiding their assets. The
unprecedented leak of 11.5m files is causing upheaval across the globe. It’s
Clearly PM CallMeDave thought no one would notice his “I’m innocent”
announcement was done in the – oops – past tense. Oh Dave, oh Dave. Not all
the peasants are that thick. Five times questioned, five time evasion – OK lies.
Dave yesterday finally came clean about his own tax affairs, admitting that he
had profited from an offshore trust set up by his late stockbroker father.
But Political Scrapbook has also found that CMD did not declare the income he
received from selling those shares, potentially misleading the House of
Commons. Oh dodgy Dave.
CMD revealed that he sold shares just before he became Prime Minister in 2010
and had paid all UK taxes due on profits from the £31,500 sale. Transparent?
Uh oh. The Political Scrapbook went through Cameron’s Register of Members’
Interests and found no entry for Blairmore Holdings. “We also found no entry for
income earned from selling shares listed, in all of 2010.” Blimey!
Dave’s late father, Ian, went ‘jurisdiction shopping’ for the best haven to secure
his Blairmore Holdings Inc, which avoided ever having to pay tax in Britain by
hiring a small army of Bahamas residents to sign its paperwork. ‘Jurisdiction
shopping’? Cleverly naughty.
The fund was founded in the early 1980s. It still exists today, and has never paid
a single penny of tax in the UK on its profits. Very naughty.
Speaking of naughty, CallMeDave lobbied three times in 2013 to stop the EU
from revealing the names of those benefiting from trust funds in tax havens and
successfully argued for trusts to be treated differently from companies in anti-
money laundering rules. Self-protection? Never.
Our dishonest Dave did not say whether he might have benefited from money
from the trust in the past. He said allowing the public to see who had money in
these trusts may not be "appropriate."
When Dave’s dad left him £300,000 in cash it was just under the inheritance tax
threshold at that time. As you do. His father’s estate left £2.7m. The Daily Mail
reminded us: ‘The truth is, however, that by almost any standards, the couple
[SamCam and Dave] are stupendously rich. (We have heard £30 million or more
and that might be just SamCam’s stash of cash). But we don’t know what has
been expertly put in her name, do we?
As Dave himself once jokingly put it in private, he was ‘born with two silver
spoons’ in his mouth’. Ha Ha. They will only get richer and richer in the future
with all that property Dave can’t remember or count (as he once smugly
reminded us) and SamCam’s future inheritance of her baronet father’s 19th
century mansion, Normanby Hall. Their future looks brighter and brighter. Oh
joy. Next holiday in the Bahamas?
In an interview with ITV News, Chancellor Georgie-Boy evaded several questions
about whether he's personally benefitted from offshore funds. Last year it
emerged that his family’s business, Osborne & Little, made £6 million from a
property deal with a developer based in a tax haven. Tip-of-iceberg? What do
you think? As for Dave, “it’s a private matter”. Is it Dave?
It’s been estimated that about 8 per cent or £5.3trn of global wealth is held
offshore. The equivalent of 10 per cent of the entire value of goods and services
produced in the global economy each year. The rich will always have
accountants who can hide their money. It’s their privilege don’t you know? And
it's not illegal. Plus ça change….