4 billion tax being lost in the uk offshore
The UK is losing at least £4bn a year through residents holding money in offshore tax havens, research claims.
Offshore Tax Havens In Jersey, Guernsey & Isle Of Man
Jersey, Guernsey and the Isle of Man were among popular spots for the wealthy to hold savings, the TUC said.
EU rules allow UK residents to declare interest earned overseas or to have 15% withheld from interest in the country where the account is held.
Three Quarters Of Offshore Interest Tax Is Paid To The Government
Separately, a report says MPs are calling for a review into the use of havens by taxpayer-backed banks.
Under the EU rules, three-quarters of the 15% in tax on interest that is withheld offshore is eventually paid to the UK government.
But this means that the effective amount collected by HM Revenue and Customs was 11.25% – rather than the 40% which would typically be paid, the TUC says.