HSBC Tax Dodging Claims: What Is The Row About?

Written By Unknown on Kamis, 12 Februari 2015 | 18.56

A political row has erupted over allegations of tax dodging tied to a Swiss subsidiary of HSBC.

David Cameron has been accused of not asking questions of former HSBC chief executive Steven Green - whom he later appointed a Lord in 2010 and Conservative minister.

The man who blew the whistle on tax dodging allegations has told Sky News he first raised concerns seven years ago and that British investigators have only received a "tiny part" of the information on HSBC.

Here is how the allegations have emerged.

:: What is the row about?

HSBC's Geneva branch is facing allegations that its staff encouraged customers to dodge tax payments.

Herve Falciani, the whistleblower who leaked tens of thousands of account details from the branch in 2007, told Sky News he first contacted HMRC in 2008.

Details of thousands of UK-based clients of the branch were handed to HMRC in May 2010, with press reports showing HSBC involvement in tax avoidance appearing in September that year.

Another French source has handed the full data to Le Monde newspaper, which then passed it on to the International Consortium of Investigative Journalists.

The bank now admits problems in controls and compliance at the branch in the period before 2008, which has caused political controversy in Greece, Spain, India, France, Belgium and now the UK.

:: Why is David Cameron embroiled in the row?

The allegations of compliance and control problems at HSBC's Swiss subsidiary occurred at a time when Lord Green was chief executive and then chairman of the bank.

Lord Green was then made a lord, trade minister and was appointed to a Cabinet committee on post-banking crisis reform by David Cameron - after HMRC had received details of thousands of Britons suspected of avoiding taxes with the help of HSBC.

Wealthy donors to political parties were among those who legally held accounts with HSBC's Swiss branch.

The Guardian newspaper published a list of nine Conservative Party donors who it said were listed in files relating to clients of HSBC's Swiss subsidiary.

The Labour party has demanded the Prime Minister make it clear whether he talked to Lord Green about tax-dodging allegations linked to the bank before he was appointed as a minister.

:: Who else is tied up in the allegations?

Labour leader Ed Miliband accused Lord Fink in the House of Commons of seeking to avoid paying taxes by holding a Swiss bank account. 

Lord Fink, who gave £3m to the Conservative Party, was appointed party treasurer and given a peerage by Mr Cameron.

The Tory peer has said the claim was "untrue and defamatory" and has challenged Mr Miliband to repeat the allegation outside Parliament - where he would not be protected from legal action by parliamentary privilege - or withdraw it publicly.

Lord Fink has said he held the Swiss account because he was working for Man Group between 1996 and 2000 and used it to receive his Swiss franc salary and to pay grocery bills.

Mr Cameron also told the House of Commons that Labour donor Lord Paul was also caught up in the revelations.

Lord Paul has said he had a Swiss bank account because he had a house in the country.

:: What is happening about the claims?

More than 6,000 names are understood to have been passed to HMRC.

UK tax authorities say they have pursued around 1,100, recovering £135m in unpaid tax, fines and interest.


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