UK Climbs Ranking Of Tax Havens, Campaign Group Warns

The UK has become a more attractive haven for businesses and super-rich individuals looking to hide their finances from the rule of law, according to the Tax Justice Network (TJN), which it said raised serious concerns about Britain’s post-Brexit strategy. The TJN is now calling for sanctions against countries including the UK, US and the Cayman Islands for “backsliding” on transparency since 2018, just as other countries around the world became more open due to reforms such as automatic sharing of information about non-resident taxpayers. TJN said the UK performed poorly due to more rigorous methodology used for the 2020 report. A spokesperson explained that the UK’s ranking was also affected by historical changes to reporting rules that govern how multinational corporations are required to provide information on their operations in different countries.