New UK parliament motions - on banks and accountants
We noted yesterday how the Guardian's investigation has prompted an Early Day Motion in parliament, calling (among other things) for a wholesale review of the tax system. Well, two more EDMs have now appeared. The first one is based on research by TJN's Richard Murphy for Britain's TUC:
Here they are. They speak for themselves.
EDM 674: BANKS AND TAX AVOIDANCE
03.02.2009
Mitchell, Austin
"That this House is concerned that banks financed by the UK taxpayer through credit, loans, guarantees, preference shares, ordinary shares and other means have been avoiding UK taxes; points out that Lloyds TSB, RBS, HSBC and Barclays have between them 1,207 incorporated offshoots in tax havens to enable them and their clients to avoid and evade taxes so that Barclays paid only an average of 23 per cent. of its profits in tax against the headline rate of 30 per cent.; and urges the Government to investigate the banks and to decline to provide financial support to banks engaged in devising, marketing and implementing tax avoidance schemes that have no economic substance."
EDM 673: ACCOUNTANCY HOUSES AND TAX AVOIDANCE
03.02.2009
Mitchell, Austin
"That this House urges the Government to investigate and regulate the activities of banks, law firms, KPMG, PricewaterhouseCoopers, Deloitte, Ernst and Young, Grant Thornton and other accountancy firms in devising, marketing, promoting, implementing but then concealing aggressive tax avoidance schemes which have no commercial substance because their sole purpose is to avoid making a contribution to society via UK taxes on income and profits by enabling wealthy and corporate clients to avoid taxes and National Insurance contributions by transfer pricing, artifical loans, inflated management charges, special purpose vehicles, joint ventures, fictitious assets, offshore schemes and secretive trusts, all designed to deprive the Treasury of billions of pounds of tax revenues which in turn forces the Government to curtail social investment and shift the tax burden on to ordinary individuals."
Here they are. They speak for themselves.
EDM 674: BANKS AND TAX AVOIDANCE
03.02.2009
Mitchell, Austin
"That this House is concerned that banks financed by the UK taxpayer through credit, loans, guarantees, preference shares, ordinary shares and other means have been avoiding UK taxes; points out that Lloyds TSB, RBS, HSBC and Barclays have between them 1,207 incorporated offshoots in tax havens to enable them and their clients to avoid and evade taxes so that Barclays paid only an average of 23 per cent. of its profits in tax against the headline rate of 30 per cent.; and urges the Government to investigate the banks and to decline to provide financial support to banks engaged in devising, marketing and implementing tax avoidance schemes that have no economic substance."
EDM 673: ACCOUNTANCY HOUSES AND TAX AVOIDANCE
03.02.2009
Mitchell, Austin
"That this House urges the Government to investigate and regulate the activities of banks, law firms, KPMG, PricewaterhouseCoopers, Deloitte, Ernst and Young, Grant Thornton and other accountancy firms in devising, marketing, promoting, implementing but then concealing aggressive tax avoidance schemes which have no commercial substance because their sole purpose is to avoid making a contribution to society via UK taxes on income and profits by enabling wealthy and corporate clients to avoid taxes and National Insurance contributions by transfer pricing, artifical loans, inflated management charges, special purpose vehicles, joint ventures, fictitious assets, offshore schemes and secretive trusts, all designed to deprive the Treasury of billions of pounds of tax revenues which in turn forces the Government to curtail social investment and shift the tax burden on to ordinary individuals."
posted by TJN at 11:21 pm
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