БогородицаLast week, the press informed that tycoon Andrew Rosenfeld who backed companies of Labour leader Ed Milliband based his companies in the British Virgin Islands jurisdiction. The multi-millionaire who has made an estimated £100 million from property investments, registered his international network of businesses in the BVI, using a trust company that boasts that it ‘makes full use of the legal and tax advantages offered by different jurisdictions’.
Mr Rosenfeld had been appointed by by Ed Milliband to mastermind the party’s General Election strategy, after he made a £1 million donation to Labour party.
At the same time since becoming party leader, Mr Milliband has attacked capitalist ‘predators’ and called for a crackdown on tax avoidance. Mr Rosenfield became a tax exile in 2006 when he moved to Geneva and established his Air Capital property empire, incorporated in the British Virgin Islands.
By remaining in Switzerland for five tax years – he returned to the UK last April – Mr Rosenfeld was able to remain exempt from Capital Gains Tax on his property and investments.