Michael Ashcroft, as anyone who’s read Dirty Politics, Dirty Times, will know, is made of tough stuff. No-one takes on News International and gets a score-draw without some serious clout behind them. Compared with Rupert, PM is just an amateur and I know that the chance to finally nail their bogeyman will get some Lib/Labs very excited – but really they should be stepping outside their glass houses before lobbing things at him.

Lord Ashcroft has announced that at the moment he doesn’t pay tax on his overseas income in the UK. Him and thousands of others. Labour has had 13 years to close that loophole had they chosen and have failed to do so. Why? Because of pressure from people like Lord Paul and their own donors, who told them very firmly that if the loophole was closed, the donations cashpoint would be too. So what Lord Ashcroft’s tax dealings actually boil down to is him perfectly legally taking advantage of a loophole that Labour left open in order to benefit themselves.

When he received a peerage in 2000, he gave assurances that he would pay tax in the UK. I think it is unfortunate that he chose not to do so and that he strung several Conservative leaders along on that basis. But the truth is that we don’t exactly know what the reasons for the delay were, as they are entirely his own business and the House of Lords has told Lord Mandelson – whose own financial dealings and peerage have been the subject of some considerable comment – to go and sling it. In fact, Mandelson is the leaver-in-chief of loopholes, having been the major figure involved in the wooing of big bussines over to Labour in the 1990s.

So it’s a bit rich that he’s the one doing most of the talking now!

And the Lib Dems shouldn’t feel as though they’ve got away from this, either. Chris Huhne said that the party had been bought like a “banana republic”, clearly forgetting in his rush to get the words out that Liberals don’t use phrases like that anymore. He probably also forgot that his leadership campaign was financed by money from a non-dom and that he has held investments in companies based in tax shelters. Never mind.

I’m sure that the Grauniad, whose newspaper today was oozing saliva from four pages of coverage and whose website almost has an Ashcroft section rtaher than a politics one, and the BBC will lap up the government’s follow-ups and keep the story running for a couple of days. But in the end what’s done is done.

Lord Ashcroft should have made good his undertakings to friends and colleagues. But he has every right to spend his money, in this country or another, how he pleases. And I’ll bet that Labour and the Liberal Democrats would accept his cash on exactly the same terms.