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Javed took refuge in a trust outside Britain while working at the Treasury

Javed took refuge in a trust outside Britain while working at the Treasury

British Health Secretary Sajid Javed has used a trust outside the United Kingdom, The Independent reports. [يدار من أمناء ولا يخضع لضريبة الدخل في بريطانيا]When he was Member of Parliament and Treasurer of the British Treasury, but he did not declare it in the register of interests of the members of the Council.

Javed took over as then Parliamentary Private Secretary to then-Treasury Secretary George Osborne in 2011 and now serves as Minister of Health. He was also instrumental in promoting the austerity policies of the coalition government to members of parliament.

In return, Javed, at the time, relied on a trust known as a tax haven, with the aim of reducing his personal tax burden. He also served on the Treasury in December 2011 when the government began consulting on policies for the UK with “non-resident status” in UK and foreign trusts.

Earlier this month, Secretary Javed admitted that he had used his “non-residential” status before entering politics and had made a deposit in an external trust. On the contrary, it is now clear that he did not disclose the deposit when he became a Member of Parliament and Parliamentary Special Secretary to the Treasury Secretary.

The Code of Conduct for British Ministers states that those who hold the office of Parliamentary Private Secretary and who are Ministry Assistants are not technically members of the Government and must “see to it that there is no conflict between the role of Parliamentary Private Secretary and their interests.” Special “.

When Javed became a minister in the government in 2012, the former banker disclosed further details about the size of his foreign assets and how they were managed.

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James Murray, the treasury secretary of the opposition shadow Labor government, commented that “if Sajid Javed had money in a foreign trust when he was a member of the treasury, it would raise further questions about the decision-making issue.” .

Murray also saw it as “hypocrisy” for key ministers to defend the tax hike, which has hurt the country’s working class this year, by avoiding paying their own fair taxes for years.

With further extension, earlier this month, Minister Javed admitted that he had used the status of “non-resident” to reduce his tax bill, which was used by Akshat Murthy, the wife of British Treasury chief Rishi Sunak, after the release of “Independence”. The same method to reduce his tax payments in the kingdom. Following that, Mrs. Morty decided to pay his taxable income in the UK on his foreign income, but retained his current “non-resident” status.

Overseas trusts and the use of “non-resident” status are legal ways for some individuals to reduce their taxes.

Minister Javid did not include his deposit in the trust in the 2011 register of MPs’ interests, but announced his stake in Deutsche Bank, the company he previously worked for.

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In this context, a spokesman for the Minister of Health declined to clarify whether Javed’s assets in the Javed Trust Fund were his assets listed in the “Deutsche Bank” as mentioned in an earlier report that worked to disband in 2012. , In addition to other assets, including shares held by him in various companies. He also did not disclose whether the trust fund was operating as a blind fund [يمنح بموجبه المالك طرفاً آخر هو الوصي، سيطرة كاملة على الأصول وطريقة استثمارها] Or under anonymous administrative arrangements, or his whereabouts determined.

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On the contrary, it was only a year after he entered the Treasury that Minister Sajid Javed did not release his deposit to the Foreign Trust. Prior to entering politics in 2009, he stopped using the controversial non-resident tax status.

A spokesman for the Minister of Health and Social Security, Javed, confirmed that “his previous tax position in the UK and when living abroad was very open and transparent.” “He has nothing else to add,” he added.

Mr. It is noteworthy that Javed withdrew his deposit from the trust and had to pay 50 per cent tax, which he said compensated him for the “added benefit” under his financial arrangements. He also confirmed that he would continue to provide information requested by tax, government and parliamentary officials.

In contrast, James Murray noted that “the people have a right to know which ministers benefited from the tax evasion arrangements and how much money was saved.”

“While the Conservative Party raises taxes on workers in the face of rising inflation and rising energy prices in the country, we will try to make the labor tax system more equitable because we’re trying to abolish the ‘non-citizen’ system. To pay taxes.

In the wake of the financial crisis, a new study by Minister Sajid Javed reveals that he was in an advanced position in the political conflict waged by the government as he promoted harsh austerity policies for Conservative MPs. When he used some means with the intention of protecting his wealth, it shook the country.

During his time as a banker, Mr. served as a treasury adviser. Javed is associated with the Dark Blue Investments, a non-profit employee trust. [أو ما يُعرف بصندوق منافع الموظفين]In order to avoid taxes, bonuses are paid to employees in shares through trust funds. The Supreme Court ruled that recipients of this bonus should pay tax on it.

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Finally, experts say Mr. Javed raised questions about the use of “non-resident status”, he was born in the United Kingdom and had to declare that he did not want to live in the UK for long.

Posted on April 28, 2022 in The Independent