DATA has revealed the land on which Bracknell's long-awaited regenerated town centre will be built is owned by an offshore company based in Jersey, 200 miles away in the English Channel. 

A map highlighting all the land and property across the UK owned by companies based in so-called 'tax havens' reveals the site of The Lexicon Bracknell is owned by Bracknell General Partners Ltd, a private company whose registered address is in St Helier, the island's capital. 

Jersey is well known as a base for large businesses such as HSBC and Credit Suisse as well as its attractive 0 per cent rate of corporation tax and reputation as a so-called 'tax haven'. 

The map, produced by Private Eye magazine, shows land off Millennium Way, land adjacent to The Ring and land to the north and south of Broadway and High Street is all owned by Bracknell General Partners Ltd.

In a statement, it was confirmed Bracknell General Partners Ltd held the property and land on behalf of the Bracknell Regeneration Partnership who are responsible for the development of the town centre. 

Simon Russian, development manager for Legal & General on behalf of the Bracknell Regeneration Partnership, said: "The Lexicon which will transform Bracknell town centre is being developed by Bracknell Regeneration Partnership (BRP). The Partnership is a tax transparent joint venture between Legal and General Capital and Schroder UK Real Estate Fund (the investors). 

"As a result the investors are liable to UK tax on income and profits from the joint venture as they arise. Bracknell General Partner holds the property in its own name for the benefit of BRP as the partnership has no legal personality."
If the company Bracknell General Partners was based in the UK, it would pay corporation tax of 20 per cent on all transactions. 

The revelation comes just two weeks after the leaking of the Panama Papers which listed a host of politicians and business people who based their financial affairs offshore. 

Despite being perfectly legal, the ethics of some people's affairs, such as Prime Minister David Cameron, were called into question. 

When asked for his opinion, Bracknell Forest Council's executive member for economic development and regeneration, Cllr Marc Brunel-Walker, said: "The two investors in the Bracknell Regeneration Partnership are two of the biggest financial institutions in the UK and we are delighted they have shown their commitment to regenerating Bracknell's town centre." 

The Lexicon Bracknell is a £240m project to regenerate the crumbling town centre and will welcome new shops, restaurants and a 12-screen cinema as well as community areas and new green space.