(2 mths ago)
“What they sell is escape: from laws, rules, and taxes of jurisdictions elsewhere, with secrecy as their prime offering.”
The UK chancellor, Philip Hammond, recently suggested that if the EU fails to budge over granting the UK market access after Brexit, Britain could transform its economic model into that of a corporate tax haven. In other words, in the event of a so-called “Hard Brexit”, which is the only option that would offer the UK any hope of self-rule in the foreseeable future, the British government would extend the City of London’s business model to the rest of the UK.
Unbeknownst to even many Brits, the “City of London Corporation” has functioned for centuries as an offshore island inside Britain, even inside London, a tax haven in its own right, as Nicholas Shaxson, author of Treasure Islands, writes in the New Statesman:
The term “tax haven” is a bit of a misnomer, because such places aren’t just about tax.
What they sell is escape: from the laws, rules and taxes of jurisdictions elsewhere, usually with secrecy as their prime offering.
Provided you have fat bundles of cash, you get to enjoy rights and privileges offered by no other jurisdiction on Planet Earth. The City of London’s legal system takes US-style corporate personhood to a whole other level.
Share the wealth... to Build the wealth?
It worked for HK, which has zero capital gains tax