HSBC\’s tax dodge

Anyone know what HSBC is alleged to have done to get the Teenage Trots at UK Uncut all upset?

I can see references to \”avoiding £2 billion in tax\” but no details of exactly what is being alleged.


5 thoughts on “HSBC\’s tax dodge”

  1. They mentioned something about how some of their shareholders might like them to move out of London if the regulatory environment didn’t improve?

    Nothing quite as likely to piss off the Trots as the realisation the pot of “other people’s money” they wish to spend is about to get smaller 🙂

  2. The UK uncut website is as clear as you would expectr it to be. To wit: “Its bad enough Vodafone got let off, but now other companies like HSBC are all pushing to get the same deal from HMRC. With a current Minister having led the bank while this tax dodging was happening who knows what dodgy back room deals are going on. These companies should be made to pay the full tax so we can save our vital public services from being slashed”

    HSBS cannot be looking for ‘the same deal’ as Vodafone. That’s impossible. Different situations entirely. What I expect they mean is that HSBC have entered into some sort of negotiation with HMRC.

    Now Ritchie fully acknowledges that his General Anti-Avoidance Principle will increase the incidence of such negotiations. He says it is a price worth paying.

    So presumably we can look forward to Ritchie telling ukuncut to stop talking rubbish since more ‘tax by negotiation’ is the objective, not the complaint?

    No I didn’t think so either.

  3. Facts, pffft. Facts are only facts if socialists regard them as such. All else are lies! Hasta la victoria siempre etc.

  4. Lots of UK multinationals are currently agreeing a settlement of their CFC liabilities with HMRC, following Vodafone’s announcement. Most of them are agreeing considerably less than HMRC were looking for. Why? Because the clear result of the Cadbury decision in the ECJ was that UK CFC legislation is not entirely compliant with EU law (not that HMRC would really like to admit it). It appears that it suits HMRC to do deals rather than find out exactly how good, or bad, their case is through further litigation. This is a pragmatic approach which everyone but the lawyers ought to applaud.

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