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The U.K. Turns Up the Heat on Offshore Tax Evasion

“Prime Minister David Cameron wrote to the Cayman Islands and nine other U.K. territories to request action to tackle company tax evasion as Britain prepares to host the Group of Eight summit next month.

“We need to know who really owns and controls each and every company,” according to the letter, released today by Cameron’s Downing Street office. “This goes right to the heart of the ambition of Britain’s G8 to knock down the walls of company secrecy.”

Cameron asked the countries to set up central registries that contain information on the owners and controllers of every company, and for this information to be made available to law enforcement and tax collectors. He asked the nations to attend an event on June 15 to indicate progress on tax, trade and transparency.

He said that while countries have the right to set low taxes, they’re sustainable only if “what is owed is actually paid — and if the rules to achieve this are set and enforced fairly to create a level playing field right across the world,” he wrote….”

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