Hey there Sign in to join this conversationNew here? Join for free

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

Announcements Posted on
  • View Poll Results: Do you support this petition?
    As many are of the opinion, Aye
    13.16%
    On the contrary, No
    60.53%
    Abstain
    26.32%

    • Thread Starter
    • 20 followers
    Offline

    ReputationRep:
    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.
    • 21 followers
    Online

    ReputationRep:
    Noe - trying to enforce something like this would be like the metaphorical ropes of sand, a complete waste of time.
    • 29 followers
    Offline

    ReputationRep:
    The principle behind it - that to tackle tax avoidance - I agree with. However, this petition is far too simplistic.
    • 24 followers
    Offline

    ReputationRep:
    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.
    • 31 followers
    Online

    ReputationRep:
    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.
    • 12 followers
    Offline

    ReputationRep:
    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.
    • Thread Starter
    • 20 followers
    Offline

    ReputationRep:
    The noes have it! The noes have it!
Updated: July 20, 2012
New on TSR

Student crowdfunds degree

Graduate raises £26,000 online for Masters course

Article updates
Useful resources

Articles:

Debate and current affairs forum guidelines

Groups associated with this forum:

View associated groups
Reputation gems:
You get these gems as you gain rep from other members for making good contributions and giving helpful advice.