Lord Fink

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?”

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.

  1. If it was a bare trust there would be no tax benefits in the arrangement as it is transparent for both CGT and IHT purposes.

  2. Load of nonsense, Milliband accused him of “avoidance” which is perfectly legal. Putting money in an ISA is avoidance. Evasion on the other hand is illegally not paying taxes that are due to be paid. Anyone who has money and an ounce of sense will minimise their tax burden, I assume Fink is no different? So I’m not sure how he has been ‘defamed’ nor how he would deny this or prove the “allegation” has damaged him. Still, they ARE all at it. The banks have fixed all the rates, the metals markets are rigged and the worlds economy is a giant Ponzi scheme. Politicians suck on the corporates teat while tinkering round the edges and behaving in such a disgusting manner that they can no longer prevent a statutory inquiry. They wonder at the electorates dissatisfaction still…

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