9th Feb 2015 06:41
LONDON (Alliance News) - HSBC Holdings PLC helped clients to evade tax in the UK and offer deals to help these clients stay ahead of the law, the BBC reported on Sunday.
Citing leaked documents dating back to 2007, the BBC's Panorama said the information was handed to HM Revenue and Customs in 2010, and it has identified 1,100 clients of the bank who have not paid their taxes. But, to date, only one of those found to be evading tax has been prosecuted.
HSBC admitted to the BBC that some individuals took advantage of bank secrecy to hold undeclared accounts, but said it has now "fundamentally changed" its practices.
http://www.bbc.co.uk/news/business-31248913
By Sam Unsted; [email protected]; @SamUAtAlliance
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