UK the new Caymans? Tiny Welsh town goes offshore

‘The small town of Crickhowell in Wales is using the same loopholes as corporate giants like Amazon and Starbucks to turn their entire town into an offshore haven. The tax rebellion could spread throughout the entire UK.

The town’s salmon smokery, coffee shop, book store, optician and bakery intend to share their experience in tax avoidance with other towns and cities, and they are not seeking a profit.

Crickhowell residents are angered that companies like Amazon make great profits but pay very little corporate tax. The internet retailer made £5.3 billion in the UK and paid just £11.9 million in taxes. One of Crickhowell’s traders found that he paid seven times more in taxes than the £5,000 paid by Facebook. And the small town wants to crackdown on the practice.’

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