http://www.guardian.co.uk/politics/2008/mar/04/economy
Billions of pounds of private finance initiative projects approved by Gordon Brown, including the refurbished Treasury headquarters in Whitehall and the new Home Office, have been moved offshore by their City owners to avoid paying tax on their profits.
More than 50 PFI schemes have now been included in portfolios held in Channel Islands tax havens by three major PFI investment companies, HSBC Infrastructure, 3i Infrastructure and Babcock and Brown Public Partnerships.
Once the buildings have been completed, up to 90% of the ownership of the UK-registered company running the PFI is transferred to the companies which are based in the tax havens. This means that the income and profits from running the PFIs will be free of UK tax for up to 40 years, depending on the duration of the PFI.
Nice one. How about helping IT Contractors to get their money offshore and avoid UK tax. Perhaps a government grant to kick start the process?
Billions of pounds of private finance initiative projects approved by Gordon Brown, including the refurbished Treasury headquarters in Whitehall and the new Home Office, have been moved offshore by their City owners to avoid paying tax on their profits.
More than 50 PFI schemes have now been included in portfolios held in Channel Islands tax havens by three major PFI investment companies, HSBC Infrastructure, 3i Infrastructure and Babcock and Brown Public Partnerships.
Once the buildings have been completed, up to 90% of the ownership of the UK-registered company running the PFI is transferred to the companies which are based in the tax havens. This means that the income and profits from running the PFIs will be free of UK tax for up to 40 years, depending on the duration of the PFI.
Nice one. How about helping IT Contractors to get their money offshore and avoid UK tax. Perhaps a government grant to kick start the process?
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