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Wide use of IOM firms by UK landowners

Results from tax jurisdiction study revealed

It's been revealed over 11,000 land titles in the UK are owned by companies registered in the Isle of Man.

That figure comes from a report by anti-corruption agency Transparency International, which has carried out the research with Thomson Reuters.

It uses data from the UK Land Registry, as well as the 'Panama Papers', which back in April uncovered a vast amount of information on international firms and individuals who are using offshore tax structures to their benefit.

Among the latest findings are that over 90% of foreign companies who own land in Greater London are registered in offshore financial centres such as the Island, Jersey and Gibraltar.

At least 15% of those companies are based here - that's almost 4,000 of them.

While the Panama Papers prompted the Island to bring in tighter rules on beneficial ownership information sharing, many other offshore jurisdictions still allow the identities of their complex company structures to be kept entirely secret.

Transparency International's UK Head of Advocacy Rachel Davies says, based on that, 'it's clear that a transparent system, based on conclusive and publicly available data, is necessary to unmask corrupt individuals using Britain to hide their criminality'.

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