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Treasury allows yet another tax haven deal
by reclspeak at 09:08 22/02/06 (Letters from Freelancers)
After the Mapeley sell-off scandal - when Crown property was sold to Bermuda tax-haven-registered Mapeley Steps for 220 million, you would perhaps thought it reasonable to believe the government and The Treasury in particular would be sensitive to further sales of national assets to tax havens...
Even more so in the light of The Treasury's desire to stamp down on tax avoidence and the use of tax havens.

However, in horribly predictable fashion, what the New Labour/The Government says to the public isn't necessarily what it is willing to do itself.

This time the sale of Britain's defence research laboratories, Qinetiq, to the American concern Carlyle Group has been beset with not one but two scandalous actions;


  • Two of Qinetiq's bosses have pocketed over 20 million each from the sale - although quite how this can occur with the public purse having been used to fund Qinetiq is a mystery.

  • Carlyle Group launched the purchase from an off-shore tax haven, so it won't pay any UK tax for its profits

Quite how The Treasury, and in particular the Paymaster General Dawn Primarolo managed to allow, or fail to oversee the sale of Qinetiq to a tax haven remains a questions yet to be investigated and answered.

Incidentally the governments advisor on the sale of Qinetiq happens to be...(would you believe)...a New Labour donor and recently-enabled life peer.

Corruption is simply not a suitable word; we need a new definition for New Labours activities.

Some links;

Guardian report about the sale

...and a reminder about the Mapeley Scandal;

Revenue tax haven enquiry - BBC News report

--
reclspeak


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