Britain should join tax havens, says IoD

Tax havens could be beaten at their own game if Britain joined them, which could be more useful than trying to get rid of them altogether, the Institute of Directors has said. It advises that the UK should relax tax rules for certain types of businesses, for example hedge funds that are interested in low-tax jurisdictions, the Financial Times reports. 'If the UK's tax rules were amended, hedge fund assets could be held in the UK, with no overall loss and some gain to the exchequer,' it says in a new paper. The paper says that low-tax jurisdictions could play positive roles, including making normal-tax countries have business-friendly tax regimes in place. It also questions whether increased pressure should be placed on tax havens once they have complied with Organisation for Economic Cooperation and Development standards to crack down on banking secrecy and tax evasion.
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