Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

David Cameron Says Guernsey Is Not a Tax Haven

Thu 12th Sep 2013 | Money & Finance

Prime Minister David Cameron has told other Members of Parliament that it is unfair to refer to Guernsey as a tax haven.

In responding to a question from Labour MP Fiona O’Donnell in the House of Commons, following his statement on the recent G20 summit in St Petersburg, Mr Cameron recognised the positive steps taken by Guernsey and the other Crown Dependencies in relation to international transparency and cooperation.

Mr Cameron said: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems. It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown Dependencies and Overseas Territories, which matter so much – quite rightly – to the British people and members have taken the necessary action and should get the backing for it.”

Guernsey’s Chief Minister, Peter Harwood, has welcomed Mr Cameron’s comments.

“I welcome the Prime Minister’s acknowledgement that the label ‘tax haven’ is one that is not applicable to Guernsey. As the Prime Minister’s recent letter to me recognised, Guernsey has shown leadership on tax transparency for a number of years, and continues to do so. Guernsey is not a tax haven, and nor is it a secrecy jurisdiction – it is a transparent and open international finance centre.”

Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally, said she hoped the Prime Minister’s comments would bring an end to Guernsey’s connection with the label ‘tax haven’.

“The Prime Minister has rightly pointed out that we are not a secretive jurisdiction and that the tax haven label shouldn’t apply,” said Miss Le Poidevin.

“Hopefully his comments will not only bring an end to the label’s use, but also raise awareness among the wider UK public about the level of contribution that Guernsey and the other Crown Dependencies make to the UK economy. The UK Deputy Prime Minister, Nick Clegg, made similar comments last year when he pointed out that we were ‘an important gateway for the wider financial sector and indeed the economy in the United Kingdom’.

“In his open letter to the Overseas Territories and Crown Dependencies in May, ahead of June’s G8 summit, Mr Cameron said he respected our right to be a lower tax jurisdiction which we appreciated as, just like the Prime Minister, we do not condone tax evasion. We would like to think that his latest comments will put the notion that Guernsey is a tax haven to bed and instead paint it as the cooperative and transparent international finance centre that we are.”

Posted by: Aaron Gourley

To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.

 

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...