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Friday, June 22, 2012

A taxing error

It did not take long for David Cameron's condemnation of Jimmy Carr's tax arrangements to come back and bite him. Yesterday's Telegraph reports that the the Prime Minister is facing calls to repay cheap loans of £1.2 million to the Conservative Party from companies registered in tax havens.

They say that the Conservative Party accepted the two loans on favourable terms from companies in known tax havens before the last election. One £250,000 loan came from Juniper Trading, registered in the British Virgin Islands. It was given in 2004 at 0.25 per cent below the base rate, to be repaid in 2029.

Another £950,000 loan was made by the Medlina Foundation, based in Liechtenstein, at the base rate plus 1 per cent in the same year.

The Tories say that these are historic loans from before David Cameron was Conservative Party leader. They add that the Conservative Party no longer accepts loans from non-UK trading companies;. However, we just know that this is the start of the probing. Expect more revelations soon.
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