Author Topic: Swiss role in boosting UK tax to keep client details confidential.  (Read 4975 times)

Offline boatyboy

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Some Hypocrite MP's  in the UK Government are quick accusing  small places like Jersey of  providing services to the wealthy for the legal avoidance of tax while getting a kick back from the Swiss to leave their secret clients alone.

This is a good example of political double standards, which allow people like me to say I think rich corporations and individuals should pay on earnings however if the UK Government makes exceptions then obviously it is not yet a level playing field. In which case back off and leave Jersey alone until you get your own house in order.

A one off payment indeed to keep wealthy secret  clients immune,  how low can a Government stoop. 
 
Telegraph.

French disdain Swiss role in boosting UK tax

Such expressions of lip-curling disgust were widespread in France yesterday after the UK-Swiss tax deal was served up by the Chancellor.

The arrangement will see UK tax payers with undeclared assets in Swiss banks hit with a one off payment up to 34pc. This may sound like a lot but is far less than the UK tax they would have incurred, while they also remain incognito.

Mon dieu. This has not gone down well with our gallic neighbours and must be the biggest disappointment since the Scarlet Pimpernel foiled the revolutionaries.
Le Parisien published a league table (by Zurich-based analysts, Helvia) identifying UK and German monied classes as the biggest tax cheats in Europe.

It reckons Brits have around €25bn (€22bn) of undeclared deposits hidden in the Alpine tax heaven, while for the French, Italians and Spanish, illegally stashed funds are virtually a foreign concept.

http://www.telegraph.co.uk/finance/comment/citydiary/8724112/French-disdain-Swiss-role-in-boosting-UK-tax.html

Boatyboy.
« Last Edit: August 30, 2011, 06:44:29 PM by boatyboy »

Offline boatyboy

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #1 on: February 07, 2015, 02:38:27 PM »

This looks interesting,

Panorama: The Bank of Tax Cheats will be shown at 8.30pm on Monday.

Read more: http://www.dailymail.co.uk/news/article-2943487/BBC-set-businessmen-cash-Swiss-banks-without-informing-taxman.html#ixzz3R2wP0KLM

Boatyboy

Offline shortport

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #2 on: February 07, 2015, 10:14:41 PM »
That's interesting.Just this morning I saw on an international news channel that said if Labour get in at the next election they will give British tax havens 6 months to come clean.
Just last month I was chatting to someone who has worked in the Jersey trust industry for the last 30 years and he was saying the same,if Labour get in the trust industry will be finished,something to do with non doms.He reckons its bad enough at the moment with all the regulations they have to jump through.
Interesting times.There is a glimmer of hope that the International Finance centre won't be built at all. :D

Offline boatyboy

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #3 on: February 07, 2015, 11:58:02 PM »

I agree with most of what you write shortport. The only people determined to stick to the 2008, discredited Financial Quarter are those with vested interest, and that does not include ( from the comments read over the years ) the public or taxpayers of Jersey from all walks of life. While on the subject, and iconic developments, after losing 400 units of accomodation for locals  ( now removed from the plans ) is the the lovely two acres of winter gardens and landscaping also just another load of rubbish, just to be forgotten as time moves on.

http://tonymusings.blogspot.com/2015/02/the-waterfront-finance-centre-gardens.html

Speaking to an accountant the other day, one of the views he expressed was that the investors who wish to do business with the Jersey Finance Industry  are still out there ( good news ) bad news is the regulation and red tape is such that they ring up three months later and nothing has happend and their funds / business, are still not in the island. This does not impress.

To be fair to banks and similar businesses , it must be a very narrow line to walk, taking in millions from Russia and other countries, and ticking all the boxes that todays regulators require.

I mean for goodness sake has anyone reading this tried to open a new bank account with a bank they already bank with, unbelievable red tape.

BB

Offline shortport

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #4 on: February 08, 2015, 12:30:54 AM »
All these regulations are a good thing in my opinion.There are too many bad people out there trying to launder money.
I remember when I left school,some 30 years ago,my first job was working in an accountants.One of my jobs was forwarding on mail,as in those days a brass plaque on the wall was enough to say a company was registered in Jersey.One of the clients I had to send to was regular information on small arms and rocket launchers.|At the time I thought this was all very exciting,looking back on it now I'm not so sure.I also remember another time I had to go around to a bank and pick up a bag of Kruggerands for a visiting client!In an old plastic Le Riche bag as well!I doubt if such activities would be acceptable today.

Offline boatyboy

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #5 on: February 08, 2015, 12:49:53 AM »
I had a girlfriend who worked for Lloyds TSB banking, with about 45 people in Bond street, first floor.

Her job was to phone people from literally any country including the UK and inform them that the money they had on deposit was maturing in a weeks time and would they like to roll the account over and add the interest to it or collect the interest. If they wanted the interest did they want it in cash ?

She says it was not unusual for a depositor to ask for cash to be collected on an agreed day, and come and collected £100,000 or more fifty pound notes. It was also normal to deposit huge amounts in cash.

The deposit side per day was unbelievable, they had a big thermometer type graph on the wall and it was multi multi millions. She did tell me but I cannot remember so won't guess a figure.

BB
« Last Edit: February 08, 2015, 12:52:48 AM by boatyboy »

Offline Chevalier Blanc

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #6 on: February 09, 2015, 12:28:27 AM »
I know someone who works on Trust Funds and they have said it is disgusting with how much they pay in tax, hardly anything at all when the lowest of the low workers are paying tax these people get away with murder. They hate doing this job because of the money people getting away with it. If they could find another job they would take it.

Offline boatyboy

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #7 on: February 20, 2015, 03:22:50 AM »

This cannot be correct surely, Jersey is well regulated we are told further information would be appreciated.

Quote:
 
The accounts show the struggling business was able to qualify as a “going concern” for accounting purposes thanks to the willingness of its Jersey-based parent, another company in the Barclays’ investment empire called LW Corporation, to provide financial support. Companies in Jersey are not required to file accounts.

The owners of the Daily Telegraph secured a £250m loan from HSBC for a struggling corner of their business empire shortly before the newspaper’s reporters were allegedly “discouraged” from running articles critical of the bank, the Guardian has learned.

http://www.theguardian.com/media/2015/feb/19/telegraph-250m-loan-hsbc-editorial-changes-yodel

BB

Offline shortport

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Re: Swiss role in boosting UK tax to keep client details confidential.
« Reply #8 on: February 20, 2015, 03:58:52 AM »
Will the JEP's excellent journalists be covering this ;)
I doubt it,as this must finally be the cat let out of the bag of what really goes on in Jerseys finance.i'm sure there will be a lot more digging around going on before the UK elections.I'm sure this is just the tip of the iceberg,hopefully some proper investigative journalists will open up our very secretive industry and government support of it.