HSBC scandal.

dowie said:
and it is wrong... avoiding tax is simply avoiding tax, defining it as being avoidance only if it involves some fiendishly complicated scheme might suit your own personal bias but doesn't reflect reality. Tax havens have more use for evasion than avoidance, if you're actually concealing wealth then that is evasion - though living in a tax haven, well if you've actually moved to the Isle of Man etc.. then you'll be paying their taxes rather than ours.

Tax avoidance can come about wherever the govt has decided to give a tax break/incentive for something - whether that is exempting farmland from inheritance tax or giving tax breaks for investing in the UK film industry etc..etc.. through to simply taking advantage of your full ISA allowance each year or investing in NS&I products.
Click to expand...

One should note that HMRC don't see it as simply as that, as their definition is broadly in line with what was defined in the House of Lords in 1997 as avoidance - which is similar to my post you quoted.

I understand that a tax haven's secrecy (evasion) is arguably their primary role, however I did specify in my post that avoidance is locating yourself or an entity there in order to take advantage of low or no income taxes.

Jokester said:
Essentially, tax avoidance I do = ok, tax avoidance I don't do, but others do = dirty tax avoiders.
Click to expand...

Not sure if that was aimed at me but I haven't condemned tax avoidance at all in this thread. If it wasn't - nevermind!
 
semi-pro waster said:
Interesting although many would argue that it's not a job of government to run banks directly but rather to regulate them.
Click to expand...

and what happens when you find the people running the banks you depend on have flouted your regulations and laws?

The UK does have a lot riding on the investment sector but that's not quite the same thing as saying that there cannot or should not be action taken against banks that break the law. I think there's a distinction to be drawn between speculative investing where perhaps there are incentives (or at least few disincentives) for poor and risky investment decisions leading to over-exposure in the markets vs the alleged behaviour here which is advising customers to hide funds illegally abroad to avoid taxation. The former is perhaps irresponsible, the latter would be criminal if proven.
Click to expand...

and i dint say there should be no action taken they did take action they compromised and made it a financial fine rather than prison though.
 
The_Abyss said:
Just a point to note though, that doesn't actually work. Either the kids will then pay enormous capital gains tax or, more likely, the transaction will be deemed wilful deprivation of an asset and be revalued.
Click to expand...

Eh? Capital gains tax on purchasing a house? Wouldn't they only get done on that if they sold the property? The folks would have been done for CG, but not the kids?
 
Last edited:
Stretch said:
Is anyone getting increasing frustrated with the political response in the endless trickle of tax/banking scandals?

They seem to back the public in their discussed, but somehow conveniently forget that they are in the privileged position to actually do something about the problem.

Politicians are elected to pass laws. If people are getting away with behaviour they deem questionable, or "against the spirit of the law", why don't they lay off the empathy, and close the loopholes.

I don't agree with HSBC or the tax avoiders in this affair, but I equally don't blame them. The blame sits squarely with the government and our [intentionally] useless tax system.
Click to expand...
I'm getting a little tired of it yes.
 
No not shocked at all.

But remember the way society is structured, those at top don't need laws but you earning your paltry **** poor minimum wage that has been pushed down over last decade whilst prices have soared should always be honest and pay your tax.... like a good little moral citizen.

You couldn't make this **** up it's so ridiculous when you sit back and think about it.
 
Last edited:
Westyfield2 said:
"Four prominent motor sport figures are on a leaked list of more than 100,000 accounts held with the Swiss division of the HSBC Bank, which represented more than $100 billion.
Fernando Alonso, Flavio Briatore, Heikki Kovalainen and Valentino Rossi are reported today to have been customers of HSBC’s Swiss division from 2006 to 2007."

http://www.jamesallenonf1.com/2015/02/swiss-leaks-prominent-motorsport-personalities-on-hsbc-list/
Click to expand...

What is with all this ousting? Everything lately feels like the school playground. Who can I pick a fight with and/or grass up next…
 
**** like this doesn't get the media attention it deserves. Media is too busy trying to make us hate the wrong people.

Please fully star out all swearing in future. Thank you.
 
You must log in or register to reply here.
Back
Top Bottom