PANDORA Papers revelations prove meaningful action is needed to tackle the super-rich “abusing” financial loopholes in the UK, the SNP’s Treasury spokesperson says.
The papers, published earlier this month by the International Consortium of Investigative Journalists, include almost 12 million leaked documents exposing the secret deals made by elite figures to insulate their wealth from public scrutiny and reduce their tax liability.
Tony and Cherie Blair are among those now known to have used offshore companies that save them significant tax payments in the UK.
At Conservative conference this week, Boris Johnson shrugged off the matter, saying his team is “getting on with building back better”.
Chancellor Rishi Sunak has said he will “look into” the matter, but the UK Government has not enacted proposed laws that would lay bare the identities of those using offshore firms to buy property in the UK.
READ MORE: Pandora Papers: Behind the financial secrets of the rich and powerful
Glasgow Central MP Alison Thewliss has lobbied ministers on closing loopholes to boost transparency and reduce the abuse of financial vehicles such as Scottish Limited Partnerships since 2015.
She said: “In 2018, the Department for Business, Energy and Industrial Strategy introduced the Registration of Overseas Entities Bill with the aim of establishing a new beneficial ownership register of people or businesses that own property in the UK. Ministers said it would come into force by the end of 2021 but it has all but disappeared.
"Take also the Person of Significant Control register – an attempt in 2016 by the Government to legally oblige companies to publicly register details of the people who own or control them. As of 2020, no fines had been imposed on companies who had failed to register, making a mockery of enforcement.
“It’s bad enough that ministers are doing so little on this issue, but that fact is made more insidious when we consider that their recent priorities have focused on rushing to close down the furlough scheme and refusing to make the £20 uplift in Universal Credit permanent.”
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