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HSBC

Community Veteran
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HSBC

HSBC.
We live in a strange country where we jail hundreds of people, usually women for having no tv licence yet allow millionaires with the help of banking staff to avoid paying income tax.
I guess there has been enough on tv and in the press without me having to give links for this topic.
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Re: HSBC

Shouldn't your frustration be at the law, rather than the individuals? If the law allows them to reduce their tax liability, then surely it's the law at fault?
Any accountant is paid to make sure you don't pay any more tax than you have to pay.
Tax evasion on the other hand is a different kettle of fish.
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Re: HSBC

If you're a bank you want to keep your customers so you find innovative ways to help them keep their money, money that they keep in your bank. If you're not offering a service like this they'll take their money elsewhere. Having said that, if the legislation regarding tax didn't resemble a colander then their would be no way to avoid paying, short of taking your money off shore and if you do that then there's no tax anyway.
Both parties are to blame, the Government more than the banks. If you found a short cut that knocked time off a journey you'd be tempted to use it, more so if it saved you both time and money.
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Re: HSBC

In this case - from reading the reports - it is aiding and abetting tax evasion which is why several countries are or will be taking action in relation to this
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Re: HSBC

The root of the problem is (probably) that the law makers have no incentive to shoot themselves in the foot.
nanotm
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Re: HSBC

@andy this was all about tax evasion
@ge
indeed its shocking that they were permitted to operate in this fashion for a 2 year period from 2005-2007, however andy is right that the frustration should be at the law, at the very least the facilitators should of been in the dock over this, not necessarily the people who took advantage of the "service" though so long as when confronted they made full restitution to HMRC (which HMRC claim to be the case) because why waste the money prosecuting the individual account holders when there will be no gains for the treasury (it would be a waste of millions of pounds) as I understand things (based on media reporting) one individual account holder has been prosecuted because they refused to pay up when confronted by HMRC, the trial cost more than the amount recovered by it
the only shock is that the government of the day was fully aware of the goings on and failed to act to stop it, which means that for once its not the "toffs" looking after themselves but the wanabees covering up hoping for a slice of the pie (several members of the then government were account holders apparently including the then PM) which begs the question why the CPS doesn't feel prosecutions and holding those who did wrong were in the public interest .........
that HMRC conducted investigations and interviews in concert with the SFO and yet the CPS did nothing just goes to show there is a serious political corruption to hide the truth from the masses and that stink seems to be coming more and more from the red side of the house than any other .....
just because your paranoid doesn't mean they aren't out to get you
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Re: HSBC

Quote from: Oldjim
In this case - from reading the reports - it is aiding and abetting tax evasion which is why several countries are or will be taking action in relation to this

I haven't read much about this case, but the mention of US clients always sounds alarm bells ringing. As US citizens are taxed on their worldwide income, irrespective of residency, there is a temptation for some to not declare money/assets held overseas.
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Re: HSBC

http://www.theguardian.com/news/2015/feb/09/hsbc-files-bank-swiss-arm-tax-international-response
Quote
Outside the UK, calls multiplied throughout the day for investigations into events at HSBC’s Swiss subsidiary, whose inner workings have been exposed in data covering the period from 2005 to 2007.
• In Belgium, where HSBC Switzerland is under investigation over tax fraud allegations, a judge is considering issuing international arrest warrants for directors of the Swiss division of the bank.
• In Switzerland, senior politicians called for investigations by regulators into the scandal.
• In the United States, a leading member of the Senate banking committee asked the US government to explain what action it took after receiving a massive cache of the leaked bank accounts.
• In Denmark, the government said it would seek the names of its citizens who may have used Swiss bank accounts to avoid domestic taxes.
• In France, which has also launched an investigation, the prime minister, Manuel Valls, said he was determined to fight tax evasion and would continue to take action at home and on a European level.
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Re: HSBC

I still remember when it was the Midland Bank...
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Re: HSBC

... who I used to work for in the early 80's.
Still remember my induction course in Holborn.

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Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

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Re: HSBC

It's funny how banks can evoke memories, I can't listen to Crockett's theme without thinking of the old NatWest ads from the 90's... Grin
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Re: HSBC

My first bank was Barclays but had to change to Midland when I worked there.
After leaving I went back to Barclays till I moved to Abbey National after they started banking as their interest rates were so much better. Moved back to Barclays soon after Abbey became Santander and their service went downhill quickly.
I remember my first Midland cash card which I seem to recall had ten dots on it for ten x £10 cash withdrawals at their machines.
I also seem to remember stories of people just pressing buttons on some Barclays ATMs and getting cash out - not sure if there was any truth in that, though.

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Re: HSBC

I've been a customer of the Trustee Savings Bank for an unbroken 40+ years and I've never known them to put a foot wrong.
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Re: HSBC

Quote from: Mav
I remember my first Midland cash card which I seem to recall had ten dots on it for ten x £10 cash withdrawals at their machines.
Me too, my branch had one of (if not) the very first such machines.
After 10 uses it was swallowed by the machine and a new card posted to you.
I think I still have a part-used card somewhere.
I vaguely remember Barclays had something sort of similar at the time but they were single-use cards with holes in! The Midland system was much more convenient.
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Re: HSBC

Quote from: Mav
I remember my first Midland cash card which I seem to recall had ten dots on it for ten x £10 cash withdrawals at their machines.

They certainly did, and as HP mentioned it was swallowed up on the 10th use and they sent you another. I also have one of those part used cards somewhere Smiley   Ah, the days when banks were the real thing, they knew their customers buy name not by just numbers, you got proper service and if you went overdrawn you didn't get financially crippled Roll eyes