UK water companies are NOT using CISX to avoid tax
Tuesday 19th February 2013, 8:30AM GMT.
THE States has defended the Channel Islands Stock Exchange over claims it is being used by UK water companies to avoid paying millions of pounds in tax.
The exchange also insisted there was no wrongdoing and the so-called tax avoidance scheme could be undertaken through any recognised stock exchange, including London’s.
It follows UK media reports of an investigation by lobby group Corporate Watch allegedly showing that six water firms had used the CISX to avoid paying interest on big loans.
They claim that the firms had issued loans through the stock exchange as something called Quoted Eurobonds and did not have to pay interest on loans due to a loophole.
But Commerce and Employment minister Kevin Stewart, pictured, yesterday defended the use of Quoted Eurobonds and the CISX.
CampaignsVoice For Victims
Voice for Victims is a campaign aimed at promoting the rights of those affected by child sexual abuse.