Scotland bans companies based in tax havens from accessing coronavirus bailout money

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Scotland has become the latest country to block companies based in tax havens from accessing coronavirus bailout funds, in a move that will increase pressure on Boris Johnson’s government to introduce similar measures. The Tax Justice Network’s chief executive, Alex Cobham, said this would leave the door open to companies registered in many of the world’s most dangerous corporate tax havens. “Many of the biggest corporate tax havens are based right here in Europe.” According to the Tax Justice Network’s research, Luxembourg is responsible for 11 times more corporate tax avoidance risk than the EU-blacklisted Seychelles. “For years, corporate tax havens like the Netherlands and Luxembourg have fuelled a race to the bottom, handing over wealth and power to the biggest corporations and taking it away from the nurses and public service workers risking their lives today to protect ours.” Scotland’s measures, which were backed by the SNP and the Conservatives, cover a £120m fund that provides grants for small- and medium-sized firms, and a £30m bailout fund for creative, tourism and hospitality businesses.