Red Ensign Could Face a Dusting


If it got into power in Britain a Labour government would push for UK overseas territories to co-operate with a drive against tax avoidance.

Ed Miliband is to send a letter to all British Overseas Territories including:

  • Anguilla
  • Bermuda
  • British Virgin Islands
  • Cayman Islands
  • Turks and Caicos Islands,
  • Gibraltar
  • Montserrat

It is no coincidence that those self same territories also happen to offer the Red Duster as flag of convenience to many superyacht owners who also favour the Crown Dependencies of Jersey, Guernsey and the Isle of Man as home ports

Mr Milliiband will we are told say: “If any Overseas Territory or Crown Dependency does not meet this deadline, we will ask the Organisation for Economic Co-operation and Development to put them on the OECD’s tax haven blacklist,” he said.

Territories would have six months to compile a public register of offshore companies.

Such a move could blow the secret ownership records for several hundred of the world’s largest superyachts and it will be interesting to watch how the officials duck and weave to make sure that never happens!