[Pride]

(Original post by 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.

People store money in foreign bank accounts for favourable interest rates too. You shouldn't ban people from doing this...

[Hustler-1337]

Not sure if this has been mentioned, but this would infringe the EU's fundamental principle of the Free Movement of Goods and Services which also includes the Free Movement of Capital?

Unless the UK leave the EU, the UK would face a substantial fine for their breach.

Edit: This is assuming the ban is for offshore bank accounts based within the European Union

[internetguru]

(Original post by zaliack)
This idea is just ridiculous. As other people have pointed out, it would be difficult to trace these accounts, and there are completely valid reasons for having money outside of Britain. Also, the fact is, if we done this, we could expect a very hefty fine from the ECJ for breaching one of the fundamental laws in the EU, free movement of capital.

(Original post by Hustler-1337)
Not sure if this has been mentioned, but this would infringe the EU's fundamental principle of the Free Movement of Goods and Services which also includes the Free Movement of Capital?

Unless the UK leave the EU, the UK would face a substantial fine for their breach.

Edit: This is assuming the ban is for offshore bank accounts based within the European Union

In TSR land we have free world trade now so remaining part of the EU is pointless.

[internetguru]

(Original post by Pride)
People store money in foreign bank accounts for favourable interest rates too. You shouldn't ban people from doing this...

Not doing anything just so 12 people get 0.4% more interest on their savings rather than bringing in billions more to the economy and treasury is silly.

[internetguru]

(Original post by RoryS)
I'd urge another member of TSR to start posting petitions - the repetitious nature of internetguru's petitions are not worth reading and of no real value to the house. No from me.



I don't think this is the best way to do it, but I do agree that some sort of MP seconder needs to confirm that the petition can be put forward to stop petitions becoming a waste of time and space.

How is my petition a waste of space or time I am trying to recommend realistic stuff that can benefit the country. Sorry it is isn't irrelevant enough for you like a hairbrush tax or something else ridiculous.

[Fallen]

But there are so many good reasons to have off-shore accounts apart from tax avoidance.

For instance, if I am going to go study in another country. Or for instance most of my family live in South Africa, and my mum has an account over there because it is far cheaper to have a supply of cash in the country for when we visit than to exchange money every time she visits. Those are two very common and good reasons off the top of my head, from someone who doesn't know particularly much about this issue.

[internetguru]

(Original post by Fallen)
But there are so many good reasons to have off-shore accounts apart from tax avoidance.

For instance, if I am going to go study in another country. Or for instance most of my family live in South Africa, and my mum has an account over there because it is far cheaper to have a supply of cash in the country for when we visit than to exchange money every time she visits. Those are two very common and good reasons off the top of my head, from someone who doesn't know particularly much about this issue.

Discouraging spending abroad is always good it means more money is available to be spent in our economy.

[Fynch101]

(Original post by internetguru)
If their money already left the country then it really won't make any difference.

You need to read some books/follow the news before you open your mouth.

THINK!

[Fynch101]

(Original post by internetguru)
Discouraging spending abroad is always good it means more money is available to be spent in our economy.

Likewise.

[chrisawhitmore]

Wow, phenomenally bad idea quite simply because other countries would probably reciprocate, collapsing the UK banks.

[chrisawhitmore]

(Original post by internetguru)
Discouraging spending abroad is always good it means more money is available to be spent in our economy.

That's why Cuba is such an economic powerhouse.

[Rhadamanthus]

(Original post by internetguru)
Discouraging spending abroad is always good it means more money is available to be spent in our economy.

This is the worst kind of protectionism, especially considering we're a mainly service-based economy.

[internetguru]

(Original post by chrisawhitmore)
That's why Cuba is such an economic powerhouse.

Cubans don't have money to spend.

[rmhumphries]

(Original post by Myotherone)
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.

Do something similar to the Severn Bridge where you pay to leave England - charge anyone wanting to leave the UK 100m in taxes? Seems logical on the lines of this petition.

(Original post by Rhadamanthus)
Anyone want to second an amendment to the Guidance Document saying that petitions have to have at least three signatures to make it to the debate stage? It would stop internetguru spamming us daily.

Surely it would eliminate one of the many reasons for petitions, getting new people involved in the house. (My point has been made a day earlier )

[chrisawhitmore]

(Original post by internetguru)
Cubans don't have money to spend.

Precisely because they have been economically isolated from the rest of the world Moving the UK closer to that will produce the same result.

[internetguru]

(Original post by chrisawhitmore)
Precisely because they have been economically isolated from the rest of the world Moving the UK closer to that will produce the same result.

Preventing people from having offshore bank accounts doesn't isolate you from the rest of the world. Cuba has a communist government it is entirely different.

[RoryS]

(Original post by internetguru)
How is my petition a waste of space or time I am trying to recommend realistic stuff that can benefit the country. Sorry it is isn't irrelevant enough for you like a hairbrush tax or something else ridiculous.

Well why don't you join a political party and stop cluttering the sub-forum with endless petitions?

[Jamito]

(Original post by xander93)
You see, this is what the rich have got us to believe. The rich do NOT create jobs, it is a thriving middle class that creates a healthy economy.

Watch this : http://www.youtube.com/watch?v=CKCvf8E7V1g

No categorising the rich as the only people that create jobs is insane. However in general rich people will be higher up the hierarchy within a business. Many rich individuals will own a business. Now it is down to the 'rich' to make the decision on whether to increase investment plans and increase employment. The economy needs the rich as much as it needs the other classes, healthy economies in general actually need unemployment.

[chrisawhitmore]

(Original post by internetguru)
Preventing people from having offshore bank accounts doesn't isolate you from the rest of the world. Cuba has a communist government it is entirely different.

If you stop your citizens from having bank accounts abroad, why shouldn't other countries stop their citizens banking in the UK?

[internetguru]

(Original post by chrisawhitmore)
If you stop your citizens from having bank accounts abroad, why shouldn't other countries stop their citizens banking in the UK?

Our banks are free to set up other banks based in other countries. Anyway why is it a problem if someone can't use UK banks they have plenty of money not like they lack liquidity with their 0 capital required to lend laws.