Cross-posted from The Week
Super-rich continue to fund political parties despite law banning the practice.
A third of British billionaires have moved to tax havens over the past decade, it has been reported.
An investigation by The Times found that 28 out of 93 British billionaires – 30% – have moved to tax havens or are in the process of relocating.
They are said to be among 6,800 Britons running 12,000 UK firms from low-tax jurisdictions, including the Bahamas, Belize, the British Virgin Islands, the Cayman Islands, the Channel Islands, Monaco and Switzerland.
Many of those who left the UK have been awarded honours or hold titles, with a viscount, one baron, six knights and one dame among the billionaires.
“Some have bankrolled political parties while living offshore as successive governments have failed to enact a law passed in 2009 that would have banned large donations from anyone resident abroad for tax purposes,” says the newspaper…