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HSBC tax avoidance scheme exposé good for banks in long term – entrepreneur on Fri 13th February, 2015

HSBC’s tax scandal that emerged this week rocked the government and the Bank of England and has caused widespread debate. Businessman Will Davies, who was the Mergers & Acquisitions expert for Societe Generale for seven years, said exposures of such schemes would benefit banks and businesses in the long term.

Davies, who now is the Managing Director of successful property maintenance firm, aspect.co.uk, has stated that everybody who has the financial means, has the right to pay the taxes owed and avoidance schemes must be closed.

He said, “Tax avoidance schemes have been rife for years so finally it seems some headway is being made in bringing them to a close”.

“The additional tax that can be collected as a result of shutting down these will have significant long term benefit - it isn't just businesses that have a duty to pay the right level of UK tax but wealthy individuals also”.

This particular scandal in question began on Sunday night when it emerged the Swiss banking arm of HSBC was used by 8,000 British customers to store £21 billion, with some of the money concealed from the taxman in undeclared “black” accounts.

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John Price, Hillgrove PR.

Hillgrove PR

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E. john.price@6hillgrove.com