Outrage! Outrage! Offshore tax avoidance!

Ms Botín\’s father, Emilio Botín, the chairman of Spanish banking group Santander, was yesterday named along with his brother as part of an investigation into allegations of tax evasion…….

How, but, Spain\’s a democracy! Taxes are determined by the peoples\’ representatives!

Hang them!

Mr Botín and his brother Jamie, along with all their 10 children, including Ms Botín, are being investigated over an account set up by Mr Botín\’s late father, also called Emilio, with HSBC Switzerland.

The Botín family have already paid €200m (£176m) to settle the outstanding tax on the trust, which was set up by Emilio Botín senior in December 1936, after he left Spain to move to London because of the Spanish civil war.

Hmm, what\’s that? You mean there are times and places when offshore, secrecy, are justifiable?

Like, when, say the choice is between the Stalin backed revolutionary goons of the People\’s Republic and the Fascists of Franco\’s Army?

What they\’ve not declared in the interim is one thing, but would the likes of Ritchie of Mr. Shaxson like to claim that it was immoral, tax abuse, to try and protect the family fortune in this manner in hte first place?

In which case, if it is OK to hide the cash when your country is over run by murderous thugs, haven\’t we just said that offshore can and should be allowed to exist? Secretly?

7 thoughts on “Outrage! Outrage! Offshore tax avoidance!”

  1. You really don’t understand at all, do you?

    If the facility of offshore secrecy didn’t exist what would happen?

    Would he lose all his money?

  2. So Much For Subtlety

    Arnald – “You really don’t understand at all, do you? If the facility of offshore secrecy didn’t exist what would happen? Would he lose all his money?”

    If the Communists had won what do you think would have happened? He would have lost more than his money.

    But we don’t need to go that far. Switzerland hid the assets of tens of thousands of European Jews from the Nazis. Many of whom ended up dead. By all means Arnald, condemn them for doing so. Tell us it was wrong for them to have helped those Jews hide their assets from the German government.

  3. “communists” – erm, yeah. When a liberal, constitutionally-elected government’s at war with a fascist dictator, guess which side SMSF picks…

  4. On the Switzerland point, since the Swiss stole the money and refused to remit it to the Jews’ descendants, it wouldn’t really have made much difference whether they’d “helped” or not.

  5. So Much For Subtlety

    john b – ““communists” – erm, yeah. When a liberal, constitutionally-elected government’s at war with a fascist dictator, guess which side SMSF picks…”

    I make no secret of which side I am on. By the end of the Civil War, the government was no longer a liberal one. Of course it never was to begin with – it was a United Front by a variety of parties, mainly distinctly non-liberal. As time went on the Communists became more and more powerful until they controlled the government.

    6 john b – “On the Switzerland point, since the Swiss stole the money and refused to remit it to the Jews’ descendants, it wouldn’t really have made much difference whether they’d “helped” or not.”

    The Swiss did not steal the money. Anyone who could show they were the heirs of someone who had a Swiss bank account got their money. As always. The problem was that Swiss laws meant that they could not tell anyone who did not know. As with most dormant accounts, the money eventually would have been taken over by the banks. What actually happened was that they were shaken down by a group of crooked Americans lawyers for something that either did not exist or was not their fault.

    So the point remains.

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