Regulation  

Guernsey and Gibraltar dispute ‘tax haven’ label

Guernsey and Gibraltar dispute ‘tax haven’ label

The leaders of Gibraltar and Guernsey have rebuffed Ed Miliband’s threat to blacklist them for tax haven status.

The Labour leader recently wrote to a number of Crown Dependencies to put their governments “on notice” that his party would act on tax avoidance if elected in May.

Mr Miliband said no Overseas Territory or Crown Dependency has produced a publicly accessible central register of the owners of shell companies in their jurisdictions.

Article continues after advert

Jonathan Le Tocq, the chief minister of Guernsey, pointed out that his government meets or exceeds all OECD, EU and UK standards on tax transparancy and has no banking secrecy laws.

He said: “The implication of your letter is that a Labour government will be somehow required to drag Guernsey ‘into line’.

“This could not have been further from the truth over these past 15 years.

“Should a Labour government be elected in May of this year, you will find that it will not be the case in the future. It is an implication which we challenge very strongly.”

Gibraltar chief minister Fabian Picardo pointed out that his government meets the same standards as London, Frankfurt and the rest of the EU.