HSBC scandal: MPs launch inquiry following claims that the bank helped clients dodge tax February 9, 2015 The Public Accounts Committee is launching an investigation following claims that HSBC helped wealthy clients "evade" tax. The committee, which was set up to oversee government expenditures, will require HSBC to give evidence to a panel of MPs. Margaret Hodge, chair of the committee, said during a speech at the House of Commons [...]
David Gauke: Questions need to be answered about HSBC tax evasion accusations February 9, 2015 The financial secretary to the Treasury David Gauke has defended HMRC amid claims it “overlooked” tax evasion in the wake of allegations about HSBC – but said there are “clearly questions that need to answered” about the bank's actions. Gauke was today challenged by Labour MP for Birmingham Ladywood Shabana Mahmood, who wanted to [...]
HMRC faces HSBC tax evasion grilling in parliament after it is revealed Swiss arm helped clients hide millions February 9, 2015 Tax bosses will be grilled by MPs on Wednesday over a swathe of leaked HSBC documents showing the bank's Swiss arm helped clients around the world dodge taxes. But HSBC's bosses will avoid a public hearing, because it is too close to the election to schedule new hearings. Margaret Hodge MP chairs the Public Accounts [...]
HSBC rocked by report into tax evasion scheme February 8, 2015 HSBC’s Swiss private banking arm helped wealthy customers evade millions of pounds in tax, documents have revealed. The files, which relate to accounts holding more than $100bn, show how the UK’s biggest bank helped clients evade tax, even collaborating with some to hide undeclared “black” accounts from their domestic tax authorities. Thousands of pages of [...]
HSBC takes responsibility after report claims it helped clients hide millions of pounds from tax authorities February 8, 2015 HSBC has been accused of helping clients to hide huge sums of money from tax collectors, according to documents obtained by French newspaper Le Monde. Thousands of pages spanning from 2005 to 2007 show how the Swiss arm of the world’s second largest bank not only failed to identify and report clients evading taxes, [...]
Barclays, HSBC, Standard Chartered, Lloyds and RBS credit ratings slashed as states promise no more bailouts February 3, 2015 Britain’s biggest banks saw their credit ratings chopped back last night by Standard and Poor’s, as the agency believes the government is serious in its promise to let bad banks fail. While ratings are normally cut when a firm performs poorly, in this case the move reflects the shift in risk from the taxpayer and [...]
HSBC offers cheapest fixed-rate mortgage as rates dip closer to 1pc February 1, 2015 HSBC is set to introduce the cheapest fixed-rate mortgage on the market today as intense competition continues to push down interest rates. The bank’s two-year fixed-rate mortgage will have an interest rate of 1.19 per cent. However, it comes with a £1,499 fee. “Mortgage lenders are in a race to the bottom [with regard to [...]
Chinese banks’ brands overtake HSBC and Santander by value February 1, 2015 CHINESE banks are leaping up the league tables of valuable brands, overtaking western titans according to a study out today from Brand Finance and The Banker magazine. ICBC’s valuation rose by 20 per cent on the year, climbing from sixth place to second, overtaking HSBC and threatening number one brand Wells Fargo. Agricultural Bank of [...]
Which London business pays the highest business rates? Harrods, Citigroup and HSBC- but it’s not as much as the government’s Home Office bill January 16, 2015 Harrods is paying the biggest business rates bill of any business in London while five banks are in the list of top 10 highest payers thanks to their Canary Wharf based UK headquarters. The Knightsbridge retailer is paying £12.04m for it's in-demand and high-end location while fellow luxury store Selfridges is also paying the seventh largest [...]