News for hackers. Stuff that matters.

A comment on Foreign holders of U.S. Treasury securities. Parent comment

Re:Foreign holders of U.S. Treasury securities by crdoconnor on Thursday October 10, 2013 @02:17AM (#6525970)
New Caledonia isn't a tax haven. The Channel Islands and the Isle of Man are, and most likely contain quite a large proportion of the UK's t-bill holdings.
[ Parent | on HN ]
Re:Foreign holders of U.S. Treasury securities by tombrossman on Thursday October 10, 2013 @04:11AM (#6526309)
The Channel Islands are not a 'tax haven'[1], though we sometimes get called this by foreign politicians[2]. It is easy to take a cheap shot at a few islands outside your voting district. A much easier idea for a politician to sell, than a plan to balance the budget at home.

[1]http://www.jerseyfinance.je/ceo-blog/it-s-official---jersey-... [2]http://www.bbc.co.uk/news/world-europe-jersey-23902431

[ Parent | on HN ]
Re:Foreign holders of U.S. Treasury securities by anon1385 on Thursday October 10, 2013 @05:37AM (#6526552)
http://www.theguardian.com/business/2012/nov/09/hsbc-jersey-...

UK tax authorities are in the early stages of examining a recently received leaked list of 4,388 British residents who bank with HSBC in the tax haven of Jersey.

HM Revenue and Customs confirmed it was probing the list, following a report that serious criminals were banking in the Channel Islands, for potential tax evasion.

"We can confirm we have received the data and we are studying it," HMRC said in a statement. "Clamping down on those who try to cheat the system through evading taxes and over-claiming benefits is a top priority for us, and we value the information we receive from the public and business community."

The information is the latest in a string of illegal leaks of private offshore financial details from some of Europe's most controversial tax haven jurisdictions. HMRC is reported not to have paid for the information on HSBC accounts, though that could not be confirmed.

Secret bank accounts with low tax rates? Refusal to co-operate with UK tax authorities? Sounds like a tax haven to me.

[ Parent | on HN ]
Re:Foreign holders of U.S. Treasury securities by jbert on Thursday October 10, 2013 @05:30AM (#6526524)
I'm not sure what the definition of a tax haven is, but here's a page from the jersey govt. I don't study this, but it seems like it is a light/very light tax regime?

http://www.gov.je/LifeEvents/MovingToJersey/HighValueResiden...

"companies are generally taxed at 0% and there is a special 10% rate applying to certain regulated financial businesses."

"There are no 'wealth' taxes such as capital gains tax or inheritance tax."

"the first £625,000 of world wide income (including Jersey based) will be taxed at 20% thereby accruing the £125,000 per annum minimum tax contribution all personal income over £625,000 will be taxed at 1%"

[ Parent | on HN ]
Re:Foreign holders of U.S. Treasury securities by agilebyte on Thursday October 10, 2013 @04:22AM (#6526340)
If an island has 0%/10% corporate tax it is considered an offshore tax haven in the minds of the people that pay 15%+, just like sometimes Ireland or Cyprus is considered that way even though their tax is not 0%.
[ Parent | on HN ]