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UK Cameron's new tax evasion law

Monday, April 11, 2016 - 01:22

British Prime Minister David Cameron says he will tighten laws to end tax evasion without deterring ''aspiration.'' As Sonia Legg reports, he hopes it will end scrutiny of his personal wealth and restore trust in his leadership.

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It's been a tough time for Britain's Prime Minister. Over the past week he's faced questions over his personal wealth and his late father's connection to an offshore fund. Ian Cameron was named in the leaked Panama Papers. (SOUNDBITE) (English) BRITISH PRIME MINISTER, DAVID CAMERON, SAYING: "His investment fund was set up overseas in the first place because it was going to be trading predominantly in dollar securites so like very many other commercial investment funds it made sense to be set up inside one of the main centres for dollar trading." David Cameron published his tax records to try and defuse criticism over his handling of the fallout from the leak. Now his Finance Minister has followed suit The government's also speeding up legislation to make companies criminally liable for employees who aid tax evasion. (SOUNDBITE) (English) BRITISH PRIME MINISTER, DAVID CAMERON, SAYING: "We should differentiate between schemes which are artificially designed to reduce tax and those that are encouraging investment." Some fear the new law may increase the risk burden on firms doing business in Britain. Getting the balance right is key (SOUNDBITE) (ENGLISH) SEVEN INVESTMENT MANAGEMENT, CO-FOUNDER, JUSTIN URQUHART STEWART, SAYING: "One of the problems we have got in Britain is that white collar crime is seen as a rather polite crime 'no-one got hurt' Yes they do - you are destroying value, you are destroying our reputation particularly in the UK, in London where the financial services reputation is based on one word - Trust." That's something Cameron is keen to restore. His campaign to keep Britain in the European Union may depend on it

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UK Cameron's new tax evasion law

Monday, April 11, 2016 - 01:22