It does not since these funds do not own companies through the UK. Only a handful of equity structures are KY -> UK -> other country
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Replying to @javiergb_com @1867ben and
Have read it again. Biggest 'sink' jurisdiction is Luxembourg - but how much of that result is driven by
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Replying to @MForstater @1867ben and
We actually checked that. Not at all since Euroclear Investments SA (LU) is owned completely by Euroclear PLC (GB).
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Replying to @javiergb_com @1867ben and
But you say it drives Belgium conduit result? (also Euroclear ownership is irrelevant to corporate tax avoidance by listed companies)
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Replying to @MForstater @1867ben and
Yes, the structure goes GB:BE:LU:GB (owners to the right). It increase the conduit centrality of BE, and increase the sink centrality of GB.
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Replying to @javiergb_com @1867ben and
But that's meaningless! How are shares registered as belonging to Euroclear linked to tax avoidance and/or 'retaining/ storing' capital?
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Replying to @MForstater @javiergb_com and
Sorry, that must be wrong - there is no legal or practical sense in which shares in the Euroclear system "belong" to Euroclear.
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Replying to @DanNeidle @MForstater and
That's why we checked that it doesn't affect the results. Leaving it as it is introduces less bias than eliminating companies by hand.
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Replying to @javiergb_com @DanNeidle and
So chains which end with individuals in Luxembourg, how do they show up? (who owns them according to Orbis?)
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Replying to @MForstater @DanNeidle and
Those individuals usually have a company in LU from where they control their investments. They add to the Luxembourg sink centrality.
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I've sent you some beyond-twitter notes Javier.
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Replying to @MForstater @DanNeidle and
Much appreciated, we'll look at the comments carefully and I agree on the need for tax specialist to move the project forward. Thanks!
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