Banks facing huge fines for evading tax

24 February 2015

taxwall Banks, accountants and businesses that help people evade tax are looking at giganto fines, according to George Osborne. The Chancellor is clearly responding to the HSBC scandal where their Swiss wing helped a load of bad sorts sidestep that pesky business of taxation.

Apparently, Gideon will be using the platform of a policy statement before the election to say that companies and organisations who are enabling tax-dodging will face the same penalties as those who benefit from dodging. Words being thrown around are "corporate failure" and the severe sounding "economic crime."

People who fund political parties across the board will be hoping that he's bluffing, eh?

Of course, this is a headache for Osborne, as he batted away questions about whether or not he'd talked about the HSBC scandal with Lord Green who just so happens to be a former HSBC chairman and was given the role of Trade Minister by the Government in 2011. Speaking about that, Osborne said: "Some very serious allegations have been made about HSBC Swiss and its role in knowingly advising people on tax evasion. Of course this is a matter that our criminal authorities, prosecuting authorities will want to look into."

"We are currently in active discussion which I think will come to a fruitful end to get the French to allow us to pass some of this information to the Serious Fraud Office and other prosecuting authorities to address the concern… about the potential or alleged role of banks in this affair."

TOPICS:   Banking   Tax

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