The UK a tax haven?

Is the UK providing refuge to India's absconding financial scamsters?

Jaimini Bhagwati
Tax Heaven

Illustration: Binay Sinha

In a Netflix serial called Diplomat, the US ambassador to London advises the Prime Minister of the United Kingdom (UK) that his country (UK) continue to serve as a “laundromat” for the money Russian oligarchs bring in. This piquant piece of dialogue reflects a general perception based on media and other reports that wealthy families from Russia, China, and India buy expensive residential and commercial properties in London and store huge amounts of capital in the UK’s overseas territories. According to a British Broadcasting Corporation report on August 3, 2022, some Russians and other high net-worth foreigners have used “English Limited Partnerships” to hide the identity of the true owners ( Given the continuing conflict in Ukraine, the UK government appears to be gradually making it inconvenient for Russian oligarchs to reside indefinitely in the country. 
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Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

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First Published: May 24 2023 | 9:48 PM IST

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