The UK has been attracting quite a bit of scrutiny of tax havens lately, particularly in regards to its overseas territories. The British Virgin Islands was actually the most frequently exploited tax haven in the now-infamous Panama Papers, with well over half of all corporate entities named in the papers registered there.
Her Majesty’s Revenue and Customs (HMRC), the British government department responsible for collecting taxes, has an increasing focus on offshore tax evasion in the wake of the Panama Papers scandal.
British Prime Minister Theresa May said that she would modify the basis of the UK’s economic model should the country get an unfavorable deal from other EU member states in Brexit negotiations, igniting widespread controversy.