Monday, Sep 21, 2009

So much for GB cracking down on tax havens

BBC: Tax inquiry into Lloyds off-shore

Lloyds Banking Group is being investigated by British tax officials over allegations that wealthy clients are being encouraged to avoid UK taxes by channelling money through China, a BBC Panorama investigation reveals

Posted by inbreda @ 11:24 AM (1016 views)
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1. icarus said...

Of course nothing is done about the real problem - globalisation and tax avoidance by multinationals. According to the OECD about 40% of world trade is within such companies. They just shift profits around between networks of subsidiaries and branches to pay minimal tax. Sales within a company are supposed to take place at arm's length but there's rarely an open market place - just a series of black boxes.

Monday, September 21, 2009 12:01PM Report Comment

2. paul said...

I'm sure the FSA will be on the case in a matter of minutes after they've finished their lunch.

Monday, September 21, 2009 12:21PM Report Comment

3. timmy t said...

And the crossword...

Monday, September 21, 2009 01:34PM Report Comment

4. inbreda said...

...and give them some time for navel contemplation..

..perhaps 3 or 4 hundred years.

Monday, September 21, 2009 02:31PM Report Comment

5. crunchy said...

Brown and he's shady future employers!

Like Tony, you did well my boy! (pat on the head and a large part-time wage pack)

Some call it a legal back hander.

Monday, September 21, 2009 07:44PM Report Comment

6. dude said...

Err: "So much for GB cracking down on tax havens," and "Lloyds Banking Group is being investigated by British tax officials."

So what does the first statement mean? If it means GB (=Gordon Brown or Great Britain?) is cracking down on tax havens, then the second statement supports it. However I read it to be Labour-bashing -- a common obsession on this site, in which case the second is definitely a non sequitur. So I can only interpret this as "well done Gordy."

Tuesday, September 22, 2009 12:51AM Report Comment

7. inbreda said...

the offshore tax havens are thriving. Like the panorama program pointed out - deposits at NR offshore have doubled. None of the nationalised banks have stopped or even decreased their offshoring. Hardly a ringing endorsement of success. There is one weak investigation on the back of a national investigative program that collected all the evidence. What else were the IR going to say? Of course they have to state that they will investigate it. Will they actually do anything? No. Because the British populous are mugs and deserve everything they get.

Tuesday, September 22, 2009 09:12AM Report Comment

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