Newspapers and media got their perfect recipe this week……tax evasion, politicians and banks all blended and then baked into one tasty cake.
The story broke thanks to a former HSBC IT worker who ‘released’ data to French authorities that HSBC were helping its UK customers to avoid significant tax using their offshore banking arms……and they were very active in this market in 2010 with some 3,600 UK tax payers avoiding tax.
There are a number of interesting points to come out of this.
1. The Government knew of this in 2010 and essentially brushed it under the carpet and threw the hot potato to HMRC.
2. Of these, 3,200 individuals have been traced by HMRC and, of the 1,100 most serious cases that HMRC has chosen to pursue, only 130 are now outstanding. As a result of this, HMRC has recovered £135m. Yet significantly, not one person has ever been prosecuted or even charged with wrong doing.
3. HSBC has never been investigated or fined for its involvement.
4. And here’s the political bit……there are allegations of offshore bank tax avoidance schemes being used by Conservative donors.
All in all, what a mess just 70 days before the General Election.
Whilst the taxpayers were bailing out the banking sector, it appears HSBC was quietly defrauding them.
Shameful
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