Tories have thrown their rattle out the pram at Ed Miliband’s suggestion during PMQs that former Tory treasurer and hedge fund boss Stanley Fink is engaged in tax avoidance:
“Can the prime minister now explain what steps he’s going to take about the tax avoidance activities of Lord Fink?”
Understood former Tory treasurer Lord Fink will sue for defamation if Ed Miliband raises #hsbc claims outside Commons
— norman smith (@BBCNormanS) February 11, 2015
Fink counters that he was living and working in Switzerland at the time he had a HSBC Swiss bank account — so no tax avoidance there. Fair enough.
But Scrapbook wonders how the High Court would look on defamation proceedings brought on this grounds by a man who freely admits that he has, errr, lobbied George Osborne to turn the UK into a tax haven:
“I lobbied George Osborne when the Tories were in opposition. I have long felt that the British government loses jobs to tax havens by allowing the revenue to have these rather archaic rules
And perhaps he can explain why he has been the director of at least three different companies which have operated with parent companies or subsidiaries in tax havens?
- Marex Spectron — owned by Amphitryon Ltd (Jersey) and Ocean Ring Jersey Co Ltd (Jersey)
- ISAM Services (UK) Ltd — Cayman Islands parent company
- Earth Capital Partners LLP — investment partnership with subsidiaries in Guernsey
Not to mention those shares he wrapped in a bare trust, a type of vehicle which can be used to minimise capital gains and inheritance tax.
‘Godfather of British hedge fund industry denies links to tax avoidance’. Hmmmmm.