Loopholes to Tax Evasion

26/09/2010 by admin.

It seems that HMRC has obtained a list of wealthy individuals with accounts at the Swiss division of HSBC. This list was stolen by an HSBC employee and passed to the taxman by the French authorities, HSBC are not accused of any wrongdoing.

The Coalition believe that closing tax loopholes could generate up to £7bn a year by 2015 additional income tax revenue. The HMRC have said that: “The days of hiding money offshore to evade tax are now over.” 

But this is a shame because this is not really the Coalition getting tough with the rich, it is a worldwide clampdown on “offshore” tax havens ordered by the G20 last year.

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