Reply #9: Just invade the UK, kill lots of birds with one stone... [View All]

[Ghost Dog]

(since war itself will of course quickly rejuvenate your economy) why dontcha?

Just in case you thought British Protectorates, Commonwealth countries and such like the Caymans, Bahamas, Bermuda, Channel Islands, Gibraltar, and a long etc. were the only 'offshore tax havens' under Her Majesty, you should be aware that the UK mainland itself is considered to be the second-largest international tax haven in the world; second only to the USA (not, in this last case, a Royal Fief).

The UK is the world's second largest tax haven after the USA. Even during the worst years of old left wing socialist Labor government, the City's nominee to head the Bank of England got the job. Foreign nationals who held external accounts with UK financial institutions could trade tax free from London. Until the mid l990s the UK even had legislation permitting the registration of exempt international companies on the model of Cayman and the Isle of Man. The people in charge understood that to try to tax the international businessman would only result in the money flows going elsewhere. Those who could not vote with their feet would vote with their money.

Centuries of running an empire taught the British business and accounting practices which, while diplomatically giving lip service to taxing everyone, in fact gives rank its privilege. The US learned this lesson much later and only from the early 1980s exempted foreign nationals not resident in the US from tax liability on earnings from capital invested in the USA. Being a much larger economy, the US was able within the eight years of the Reagan administration to overtake the UK for the number one spot of the worlds tax haven. Nevertheless the UK is clearly number one in Europe and has the advantage of a more civilized approach then the USA. You can expect the police in London to give you a fair warning. The US authorities like to make test cases.

Substantial tax benefits accrue to UK residents who are not UK domiciled. It is possible for a non-UK national who has no UK capital or income to live indefinitely within the UK and legally avoiding paying any UK tax. This has resulted in London having a larger number of expatriate millionaires then the rest of Europe's capitals combined.

/... http://www.lectlaw.com/filesh/bbg30.htm

Sarcasm intended, but with a serious note also intended: Action to curb offshore tax avoidance/evasion and other forms of criminality and corruption will have to be undertaken at the most international level, applying equally to all jurisdictions, or else it simply won't work (the money will move, like its 'owners', somewhere else).

Apologies to those who've already seen this comment posted in other threads).