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P17 - Make it illegal to store money in offshore bank accounts

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  • View Poll Results: Do you support this petition?
    As many are of the opinion, Aye
    On the contrary, No

  1. Offline

    P17 - Make it illegal to store money in offshore bank accounts, internetguru
    Make it illegal to store money in offshore bank accounts

    It is will known that people that store money in offshore bank accounts are doing so for tax avoidance purposes. This damages the government's income and the economy as this money is no longer being spent on British goods and services. I urge the house to propose legislation making it illegal for individuals and companies to store their money in offshore bank accounts.
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    Noe - trying to enforce something like this would be like the metaphorical ropes of sand, a complete waste of time.
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    The principle behind it - that to tackle tax avoidance - I agree with. However, this petition is far too simplistic.
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    I don't think this is practical. As well as trying to hide money and avoid taxes some people put money in offshore bank accounts for legitimate reasons; such as security.
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    Whilst i am not a fan of tax avoidance this is as Birchington says far too simplistic.

    Frankly i would rather rid ourselves of income tax and tackle corporation tax avoidance.
  6. Offline

    I agree with tackling tax avoidance, but some people live in mutiple countries and do spells of work in various ones so need off-shore bank accounts. So in sentiment yes, in practicality and proposal no this will be too problematic and authoritarian. What if you work abroad for years then come back for a year... I mean it is just full of difficulties.
  7. Offline

    The noes have it! The noes have it!
Updated: July 20, 2012
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