British new Prime Minister May’s husband helps tax dodging

This 30 June 2016 video from Britain is called Andrea Leadsom backs tax dodging hedge funds, not Britain.

Ms Leadsom was one of the two final candidates for the leadership of the British Conservative party. She gave up, leaving Theresa May as the only candidate; meaning Conservative party members did not get the chance to vote on their leadership.

Andrea Leadsom was anti-European Union, Ms May pro-European union in the Brexit referendum campaign.

However, they have at least one thing in common: links to tax dodging.

From daily The Independent in Britain today:

Theresa May’s husband is a senior executive at a $1.4tn investment fund that profits from tax avoiding companies

Exclusive: May mentioned Amazon and Starbucks in speech about tax avoidance

Ted Jeory, Jon Stone

The relatively unknown investment fund where Theresa May’s husband Philip works as a senior executive is one of the world’s largest and most powerful financial institutions, controlling $1.4 trillion (£1.5 trillion) in assets.

Its portfolio also includes $20 billion of shares in Amazon and Starbucks, both of which were cited by the Prime Minister-designate in her pledge to crack down on tax avoidance yesterday.

Latest filings to US authorities show that Los Angeles based Capital Group owns huge stakes in a variety of companies, including investment bank JP Morgan Chase, defence giant Lockheed Martin, tobacco company Philip Morris International, the pharmaceutical sector’s Merck & Co, and also Ryanair.

The company, which has a low profile outside the financial sector, has confirmed that Mr May, a pension fund expert, works out of its Mayfair office in London …

However, the company he works for has benefited from its investments in the likes of Amazon and Starbucks, both of which have been criticised for tax avoidance structures and which were mentioned by Ms May as she outlined her manifesto for Downing Street yesterday. …

It is not clear whether she was aware that her husband’s company was such a significant investor in … Amazon and Starbucks.

According to latest filings on 31 March this year, Capital Group, through its various divisions and funds, including Capital World Investors and Capital Research Global Investors, owned at least 32 million shares in Amazon, worth about $20bn.

Its 6 per cent stake made it one of Amazon’s biggest shareholders.

It also owned about $2bn of Starbuck shares at the end of March when the total assets under its management was $1.4 trillion.

Other shareholdings included at least $7bn in JP Morgan Chase, $9bn in Philip Morris International, $5bn in McDonald’s, $6.6bn in Lockheed Martin, and $1.5bn in Ryanair. …

It is not clear which clients Mr May deals with on behalf of Capital Group, but his name has been mentioned in the minutes for Norfolk County Council’s pension committee reports, where he has appeared on behalf of his company as a pension manager.

When you cross-reference Theresa May’s speech with her voting record, it’s as if she didn’t mean anything she said. May wants to stand up for the ‘ordinary worker’ and pull big business bonuses into line. I guess she forgot about the time she voted against creating jobs for young people using money from bankers’ bonuses: here.

One should hope that Jeremy Corbyn will soon be re-elected as Labour Party leader, against Angela Eagle and possibly other ‘tin-pot PinochetBlairite coupmongers. And that then, now that Panama scandal-tainted David Cameron is gone as Prime Minister, Corbyn, rather soon than later, will beat the next Conservative ‘Panamist‘ Prime Minister, Theresa May, in a general election.

As a British Muslim, I’m terrified that Theresa May – winner of 2015’s Islamophobe of the Year – is my new Prime Minister: here.

New UK Prime Minister Theresa May to head austerity government: here.

79 thoughts on “British new Prime Minister May’s husband helps tax dodging

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  49. Friday 4th August 2017

    posted by Morning Star in Features

    SOLOMON HUGHES uncovers the moonlight jobs of Tory ministers Mark Field and James Chapman, who help firms dodge tax and access power

    NEWLY appointed Foreign Office Minister Mark Field has since 2011 earned £40,000 a year on top of his MP’s salary working as an “adviser” to a law firm deeply involved in offshore finance.

    Theresa May made Field, an MP since 2001, into a minister shortly after the election. His responsibilities include “economic diplomacy.”

    On becoming a minister, Field resigned from his six-year job working for Isle of Man law firm Cains Advocates.

    He described the Cains job on the Register of MPs’ Interests like this: “The role includes assisting the firm with its international strategy, ambassadorial work and advising on government and parliamentary aspects of financial services.”

    So he was a paid ambassador for Cains before taking responsibility for some British economic diplomacy.

    The Isle of Man is a low-tax offshore jurisdiction, like a less glamorous version of Jersey. Cains itself says “tax neutrality” is a “key advantage” for companies.. It tells its clients: “Tax neutrality at the holding company level: an Isle of Man company is not subject in the Isle of Man to any income or capital taxes, there are no withholdings on account of Isle of Man tax on the payment of dividends or interest on loans, and no stamp duty or other similar taxes are levied in the Isle of Man on the issue or transfer of shares in an Isle of Man company.”

    If you are struggling with that tax jargon, when Cains says that the Isle of Man has “tax neutrality at holding company level,” it means that you can set up a “holding” company on the island, stuff it full of money and never have to pay any tax on it.

    A core part of Cains’s business is helping firms exploit this “tax neutrality.” Cains describes itself as “the Isle of Man’s principal commercial law firm” and as “the pre-eminent provider of corporate legal services in the Isle of Man.

    “We have a strong track record in providing offshore legal advice and cross-border support to global institutions, corporates and their professional advisers.”

    In short: if you want to set up a complicated offshore structure on the Isle of Man, you will need some good lawyers — like Cains.

    In 2016 the Isle of Man resisted David Cameron’s calls for more tax transparency.

    Cameron wanted the island to have a public list of who really owns the thousands of offshore companies on the island because knowing who owned the companies full of tax-free money on the Isle of Man might reveal who is trying to avoid tax.

    But the Isle of Man government said this was a “red line” issue for it, and that ownership of the island’s offshore firms should remain secret, unless law enforcement officers or regulators made a specific request.

    In 2011, shortly after he took the job with Cains, Field made a keynote speech defending tax havens, saying they make a “significant contribution” to British investment and arguing for policy that “does not place unnecessary burdens” on them.

    So the new Foreign Office Minister has six years moonlighting as an adviser for a law firm based on a tax haven island and a history of defending tax havens.

    Field’s appointment appears to justify opposition claims that the government wants a Brexit that makes Britain more like an offshore, low-tax jurisdiction.,-greedy-and-unscrupulous#.WYSk1FFpwdU


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