So, the “Paradise Papers” – following on from the Mossack Fonseca “Panama Papers” – don’t really contain any surprises other than the Duchy of Lancaster obliquely popping up. Lord Ashcroft has been in the spotlight for some time (and we must admit we struggle with his domicile status) but is there anything new in revelations about the way the wealthy manage their affairs? Not really, but it gives the BBC something to write about.
What will be interesting is how the regulators (principally HMRC) deal with the information available as a result. There are tax rules around domicile and beneficial ownership. If the regulators don’t police them effectively it is no good wringing hands now.
It will be interesting to see what HMRC have to say when they are next quizzed by the Public Accounts Committee this week.