Banks and other companies that are helping clients to evade taxes could face fines in the future. Reports suggest that chancellor George Osborne will use next month’s Budget to target tax evasion.
The comments come after HSBC’s Swiss arm has been accused of helping wealthy clients avoid paying taxes. Leaked bank account files, obtained through an international collaboration of media outlets show bankers helping clients evade tax and offering deals to help tax dodgers stay ahead of the law.
During a House of Commons debate, shadow chancellor Ed Balls accused Osborne of failing to act to the HSBC scandal. However, the chancellor suggests that bankers and accountants could face new financial and civil penalties for the role is tax avoidance in the future.
In response Osborne said, “Some very serious allegations have been 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 on to the Serious Fraud Office and other prosecuting authorise to address the concern […] about the potential or alleged role of banks in this affair.”
He also argued that the HSBC scandal first came to light under the previous Labour government, in which Balls served as a Treasury adviser and as a Cabinet minister.
According to the Independent, Balls said that Osborne’s “bluster cannot hide his total failure to answer questions over the HSBC scandal”.
Photo: julian mason via Flickr
Like our Facebook Page
Can You Maximize Your Profits While Investing Ethically?
Environmental Benefits of Living in Miami. Why Is It Worth Moving There?
5 Ways To Shift To Green Energy At Home
Advantages of Free-Range Farming for Eco-Friendly Consumers
What is Eco-Friendly Investing and How Can You Embrace It?
Green Software Ideas to Implement with an Offshore Development Team
5 Things Eco-Conscious Consumers Should Know About Private Wells
The True Environmental and Social Costs of Mined Diamonds
20 Incredible Facts Eco-Tourists Should Know About Dubai
5 Massive Benefits of Turning to Renewable Energy
6 Tips For Getting the Most from a Solar-Powered Home
7 Excellent Ways to Live a Greener Lifestyle in 2021
How the Property Industry Is Embracing Eco-Friendliness Across the Board
Sustainability in Construction: Methods to Mitigate Environmental Impacts
New Company is Driving ESG Infrastructure Development in Mining
10 Tips to Turn Your Next Holiday into an Eco-Friendly Celebration
4 Benefits of Commuting with a Bicycle as an Eco-Friendly Consumer
Some Important Facts about Eco-Friendly Glass Railings
Impact Proof of Stake Ethereum Mining on Power Industry Sustainability
7 Business Survival Guidelines All Eco-Friendly Entrepreneurs Must Follow
- Features12 months ago
Eco-Friendly Interior Design Is Easier Than You Might Think
- Features10 months ago
Eco-Friendly Hacks To Create A Durable Shop For Your Home
- Energy6 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features5 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home