Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

Tax planning for 5 April 2015

Read more...

Tax break for inventions.

Read more...

Overseas Property comes under scrutiny 11/11/11

Read more...

Fuel campaigners welcome fuel report findings

Read more...

Contact Us

News Items

Tax Tips

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals


Helping Your Business is Our Business


Call us now on 023 8083 6900 ABDS Home

News - 10 February 2015

Authorities worldwide call for investigations into HSBC tax advice

Authorities in a range of countries are considering examining HSBC's actions in helping more than 100,000 wealthy individuals avoid paying tax.

In the UK, the Public Accounts Committee (PAC) plans to investigate the scandal and will require HSBC's former head to give evidence.

In a BBC Panorama investigation, they claim to have has seen accounts from 106,000 clients in 203 countries, leaked by whistle-blower Herve Falciani in 2007.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“In the UK, the Public Accounts Committee (PAC) plans to investigate the scandal and will require HSBC's former head to give evidence. There have also been calls for action in the US, Belgium, France, Argentina and Switzerland itself. HSBC said it is "co-operating with relevant authorities".

Of Stephen, later Lord Green, who was made group executive chairman of the bank in 2006, and later served as a minister of trade and investment until 2013, PAC's chairman, Margaret Hodge said : "Either he didn't know and he was asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices.

Treasury minister David Gauke defended Lord Green's appointment on BBC's Radio 4. "I am not aware of any evidence that suggests that Lord Green was involved in this sort of activity", but said he did not know whether anyone asked him about HSBC prior to his government appointment.

In a statement, HSBC admitted that it was "accountable for past control failures." But it said it has now "fundamentally changed".

"We acknowledge that the compliance culture and standards of due diligence in HSBC's Swiss private bank, as well as the industry in general, were significantly lower than they are today," it added.

HM Revenue and Customs (HMRC) was given the leaked data in 2010 and has identified 1,100 people from the list of 7,000 British clients who had not paid their taxes. One person has been prosecuted.

HMRC said £135m in tax, interest and penalties have now been paid by those who hid their assets in Switzerland.

The bank now faces criminal investigations in the US, France, Belgium and Argentina, but not in the UK, where HSBC is based.

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

« Back to News