THE MP for North Herefordshire is facing questions of morality over his decision to be a Managing Director of an offshore financial company.

Figures disclosing how much the county’s MPs earn from outside financial interests have been revealed in the most recent register released by parliament.

And they show that Bill Wiggin, one of the county’s two MPs, is listed as an MD of Bermuda-based Emerging Asset Management Ltd.

The parliamentary papers show that, from September 1 of last year, he was also appointed a director of two fund platforms in the Caymans, and two in Bermuda.

From January he stated that he will be paid 24,000 US dollars a year, or approximately £4,800 a quarter.

He also received a bonus of £6,400.

These payments were in addition to the £74,962 basic salary Mr Wiggin receives as an MP.

On its website, Emerging Asset Management states it provides new and established, small to medium sized fund managers with an innovative turnkey solution on how to start a hedge fund and launch new funds in Bermuda, the Cayman Islands and Delaware in the USA.

“Is the sub-fund subject to any tax in the Platform’s jurisdiction?” is listed among the frequently asked questions on the company’s website.

Roger Page, from the Labour Party, who stood against Mr Wiggin in the last general election, said: “Where is the morality in elected politicians being involved in tax arrangements for people legally not to pay tax?”

He said the billions of pounds the country is losing through tax avoidance schemes could have been used to avoid austerity.

Mr Page added: “If we employed as many people to chase the rich for their taxes as we employ in the Department for Work and Pensions to chase people allegedly abusing the welfare system we would actually be collecting more money.”

He also believes MPs should not have outside interests that bring in income and should focus their time on being a full-time MP. 

Anna Coda, the chair of the Hereford and South Herefordshire Labour Party, added: “Bill Wiggin receives payments from companies specialising in offshore tax schemes dedicated to reducing tax paid by corporations and individuals. This may not be illegal but it is questionable morally. 

"He does his constituents and his country a disservice by profiting from, and encouraging, the non payment by wealthy individuals and companies of a full tax share.”

Mr Wiggin also receives £12,000 a year from Allpay Limited to attend four meetings on an annual basis as the payment collection firm’s non-executive director and he receives £5,000 a year as the non-executive director of Philip T English International Financial Services Ltd, based in Banbury. This is for 60 hours work a year. 

Mr Wiggin also received a private donation of £5,000 from Mr and Mrs George Sideras and a day’s shooting at Catton Hall. 

Mr Wiggin has not responded to questions from the Hereford Times about his financial interests.

Meanwhile, the MP for Hereford, Jesse Norman, received royalty payments and sub-rights payments for his book from Harper Collins which amounted to £1,074.

Mr Norman also lists shares valued at more than £70,000 with Genie Toys PLC, toy design and manufacture. 

James Price, campaign manager at the TaxPayers’ Alliance, defended those politicians who have more than one job.

“It is very often a good thing to see an MP have another job as this will help broaden their experiences,” he added.  “If the PM can run the country and represent her constituents at the same time, then so can most other MPs.”