Ahead of next month’s review of it tax haven blacklist, the EU wants to use the list to put wealthy individuals and corporate tax avoidance on the Brexit negotiating table.
UK newspaper the Independent is claiming that EU sources told journalists that offshore will “come into play” as Brexit moves into phase two – trade.
The newspaper reported that, as negotiations begin, demands to open up overseas tax havens will be used to force British concessions during talks.
A spokesman for the European Commission said the list had nothing to do with politics or Brexit.
Black and grey
As it stands; Bermuda, the Cayman Islands, the Isle of Man and Jersey are among 47 ‘grey list’ jurisdictions, which are non-compliant but have pledged to get their affairs in order ahead of the next version of the blacklist.
The grey list may have been a late addition to the blacklist after several jurisdictions made last ditch efforts to avoid being fully branded as non-compliant.
In total, 17 countries made the blacklist as officially non-cooperative jurisdictions.
The list received extra impetus shortly before its publication after the Paradise Papers leak demonstrated widespread tax avoidance.
