During these five years, many of the tax havens have dug in against change. On Tuesday it reached a crunch, when the government was forced to back down and accept backbench amendments that turn the screw more tightly on the UK’s overseas tax havens. It does not cover Britain’s crown dependencies, such as the Channel Islands and the Isle of Man, which are major tax havens over which Britain has less legal authority. It has also given the British overseas territories another 30 months to comply with a register that was first proposed five years ago. This bill is a move in the right direction and a tribute to the MPs of all parties who did so much to strengthen it.

Source: The Guardian May 01, 2018 17:26 UTC