HSBC damaged by publication of UK tax avoidance scheme

[David Guyatt]

I thought I would just isolate and highlight the following from the above report

Though the French investigators likely initially over-estimated the true amounts held by clients, the British tax office concluded that 3,600 of the 5,000 names it received from the French in 2010 were "potentially non-compliant." A report to a House of Commons committee in September 2014 said the tax office had recovered just £135 million in back taxes from individuals on the list, compared to £220 million collected by Spain and £188 million collected by France. Lord Stephen Green, the head of HSBC during the period the records cover, later became trade minister in the Cameron government in Britain, a position he held until 2013.

along with the preceding para:

For instance, some of the most extensive material relates to the bank's U.K. clients. Initial investigations by French tax authorities identified more than 5,000 British clients linked to $61 billion in HSBC deposits more clients and more money than from any other country.

So our excellent tax authorities managed to recover back tax payment of £135 million on British funds in HSBC Suisse of, yup, £61 billion.

Brilliant work guys!

You really nailed 'em, eh...