MPs' pension fund invests £6m in Jersey property fund

More than £6million of MPs' pensions funds is invested in Jersey and and another £6million is wrapped up in tech firms accused of tax avoidance, it emerged today.

As a new scandal over global tax avoidance grows after the leak of the so-called Paradise Papers, the revelations will pile pressure on Theresa May to act.

Labour is demanding a public inquiry into how the rich, famous and powerful manipulate cash flows around the world to minimise their tax bills.

More than £6million of MPs' pensions funds is invested in Jersey and and another £6million is wrapped up in tech firms accused of tax avoidance, it emerged today

More than £6million of MPs' pensions funds is invested in Jersey and and another £6million is wrapped up in tech firms accused of tax avoidance, it emerged today

As a new scandal over global tax avoidance grows, the revelations will pile pressure on Theresa May to act

As a new scandal over global tax avoidance grows, the revelations will pile pressure on Theresa May to act

The Parliamentary Contributory Pension Fund - which overall was worth £621million in March 2016 - has four property funds, only three of which are UK-based, the Financial Times revealed. 

The fourth fund is the Jersey-based BlackRock UK Property Fund and is worth £6.6million. 

In 2016 it sold a £14.5m stake in another offshore fund, the Luxembourg-based Morgan Stanley Global Property Fund.

The annual report for 2015/16 lists three big US tech companies among MPs pension fund’s 20 biggest individual shareholdings.

It has invested £2.5m in Google, £1.9m in Apple and another £1.9m in Amazon. All three tech giants have repeatedly been criticised by British politicians for their tax structures.

The MPs' pension was not listed on the Paradise Papers itself but records its list of investments in the normal way.  

A Commons spokesman said the Parliamentary Contributory Pension Fund was 'like many pension funds' invested in property vehicles in various jurisdictions.

'Some funds are domiciled offshore to enable investors from different countries to invest in the same fund, and also to prevent double taxation,' he said.

'Investors in these funds are responsible for paying any tax owed arising from either income or capital gains in the usual , unless they are held within a pension fund or another lawful tax-exempt

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