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News - 14 February 2015

Labour pledges crackdown on tax dodgers

Shadow chancellor Ed Balls said David Cameron and George Osborne had "totally failed" on the issue of tax dodging over the past five years.

In an Opposition Day debate led by shadow Treasury minister Shabana Mahmood, the party will seize on allegations that a Swiss banking arm of HSBC advised British clients how to dodge tax.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The Commons motion points out that just one person have been prosecuted despite HM Revenue & Customs being provided with the details in 2010. It also demands a "full statement" from the Prime Minister about the decision to make former HSBC boss Lord Green trade minister in 2011.”

Mr Balls said Labour's first Finance Bill would include penalties for those caught by the General Anti-Abuse Rule and close loopholes used by hedge funds to avoid stamp duty. It would also scrap the Government's "Shares for Rights" employment change, which the party has warned could assist tax dodging.

However, City minister David Gauke said: "Ed Miliband and Ed Balls did absolutely nothing to tackle aggressive tax avoidance and evasion when they were sitting in the Treasury - they even allowed bankers to pay less tax than their cleaners. Labour turned a blind eye to tax dodging because they thought they had ended boom and bust.”

If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial and business planning.

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

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