[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.

[Jamito]

It wouldn't happen because the people that do it would just threaten to leave the country and provide there service elsewhere.

[Stiff Little Fingers]

Stop spamming the house and just find yourself a new party.


Not really enforceable now is it?

[SirMasterKey]

How would you actually enforce this?

[internetguru]

(Original post by SirMasterKey)
How would you actually enforce this?

By following the flow of money.

[internetguru]

(Original post by Jamito)
It wouldn't happen because the people that do it would just threaten to leave the country and provide there service elsewhere.

If their money already left the country then it really won't make any difference.

[Stiff Little Fingers]

(Original post by internetguru)
By following the flow of money.

But how do you know it's being stored overseas rather than just payments to other people?

[toronto353]

Bored now.... Stop making petitions.

[tehFrance]

(Original post by internetguru)
Make it illegal to store money in offshore bank accounts

Question, what about those that are dual citizens? I have bank accounts in the following countries:

1. France
2. Germany
3. Switzerland
4. UK
5. USA

The only accounts that are private and out of the prying eyes of the French government is my Swiss account (for investment holdings) but all the others are declared for tax reasons... that is right, my accounts from the other countries are declared for tax purposes, favourable tax purposes.

But yes, what happens to those that are dual citizens of say the UK and Liechtenstein for example are they not allowed a bank account in their home country?

[internetguru]

(Original post by Alofleicester)
But how do you know it's being stored overseas rather than just payments to other people?

It will be obvious when Tesco tells us they only made £5 profit last year that £5billion payment was to their suppliers in the caymen islands.

[internetguru]

(Original post by tehFrance)
Question, what about those that are dual citizens? I have bank accounts in the following countries:

1. France
2. Germany
3. Switzerland
4. UK
5. USA

The only accounts that are private and out of the prying eyes of the French government is my Swiss account (for investment holdings) but all the others are declared for tax reasons... that is right, my accounts from the other countries are declared for tax purposes, favourable tax purposes.

But yes, what happens to those that are dual citizens of say the UK and Liechtenstein for example are they not allowed a bank account in their home country?

Well I suppose one solution could be adopting the Chinese policy of making dual citizenship illegal.

[Stiff Little Fingers]

(Original post by internetguru)
It will be obvious when Tesco tells us they only made £5 profit last year that £5billion payment was to their suppliers in the caymen islands.

You really think people are that dumb as to make it so traceable?

Lots of small payments to different accounts worldwide - not exactly easy to work out which are for tax avoidance purposes and which are honest payments?

[fermium3]

Yeah, okay, lets store all of our money in British bank accounts. We all know how reliable and trustworthy they are!

[jumpingjesusholycow]

Yeah, good luck with that.

[Norton1]

(Original post by fermium3)
Yeah, okay, lets store all of our money in British bank accounts. We all know how reliable and trustworthy they are!

Has a single person lost a single penny in a British bank account during the financial crisis?

[tehFrance]

(Original post by internetguru)
Well I suppose one solution could be adopting the Chinese policy of making dual citizenship illegal.

Well aren't you the beacon of freedom

[internetguru]

(Original post by tehFrance)
Well aren't you the beacon of freedom

If it helps the economy and helps the government's finances then it is a smart trade off. Dual citizenship is a ridiculous concept anyway think of it as marriage. Marriage is between two individuals not three or four.

[Myotherone]

What a waste of time and space in my opinion

[internetguru]

(Original post by Myotherone)
What a waste of time and space in my opinion

Why do you support tax avoidance or something?

[Myotherone]

(Original post by internetguru)
Why do you support tax avoidance or something?

Its impossible to implement, it would cost more to implement it than it would bring in, secondly people would then just leave our country and not pay any tax which puts us in a worst state.