SNP minister sparks controversy over offshore funds

| 26/03/2012

(Daily Record): A Senior SNP minister has come under fire for using tax havens to invest his cash. Enterprise and Energy Minister Fergus Ewing has tens of thousands of pounds in investment funds based in Jersey and Luxembourg. The move is legal but allows the Inverness and Nairn MSP to avoid paying higher UK tax rates. Ewing has £34,935 invested in Templeton Emerging Markets, an investment trust based in Luxembourg. He alsohas cash invested in Henderson Far East, a fund based in Jersey. The value is not published, meaning it is less than £28,760. Ewing transferred his £200,000 portfolio into collective investments to avoid potential conflicts of interest when he became a minister.

But news that some of the funds are in tax havens has sparked anger. Scottish Lib Dem president Malcolm Bruce called for a Government inquiry.

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