Tax Evasion And Nominee Directors

November 26, 2012

Once again the world of offshore finance, corporate service providers and tax evasion is about to be thrown into the mainstream spotlight. The Panorama program on BBC tonight is going to show how undercover reporters were able to utilise offshore companies and nominee directors to evade UK taxes. Is it really that simple? I’m sure we’ll find out tonight in Panorama’s in-depth reporting.

Like all things in life nothing is ever quite that black and white. When it comes to international finance centres some are well regulated, others not so well regulated. You can make your own mind up about the jurisdictions in question featured on the Panorama program but I expect the biggest surprise to come out of the program to the “average” viewer will be the use of UK businesses to setup these companies? It is a surprise to many people to learn that the UK is just as much an offshore finance centre as the Channel Islands, The British Virgin Islands the Cayman Islands. The UK has a booming Corporate Service Provider sector which can help with forming companies in places all around the world, a UK CSP doesn’t just deal in UK corporate structures. It is a sector that employs thousands upon thousands of individuals and the UK is a jurisdiction that doesn’t score too highly in OECD regulatory tables. With all the talk of offshore this and offshore that the big picture is often forgotten about, the big picture being what goes on in Delaware in the US and the use of UK corporate structures.

The Panorama program “How To Dodge Tax” is due to be broadcast tonight at 20:30 on BBC1. If you’ve any interest in the work of CSPs then it’s a must watch.

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