HSBC tax avoidance

lucytiseman

hi



I am 2 years into a 5 year mortgage with 1st Direct.



Given the tax avoidance scandal engulfing their parent company HSBC, I object to paying this company several thousands of £s over the next 3 years. Can I exit this arrangement without penalty due to their criminal behaviour?



thanks

betmunch

Hi Lucy,


Unfortunately First Direct do not deal with brokers so its hard to be sure what their criteria is.


You should first of all check your mortgage offer, then all the small print of the T&C's to see if there is a section under which conditions would need to be fulfilled to allow the ERC to be waived.


My gut is telling me not though.


Good luck

kingstreet

It is alleged HSBC has helped account holders avoid paying tax.

That's what banks have being doing for years.

You aren't going to avoid paying an early repayment penalty because of it.

Cyberman60

So you believe that only HSBC are involved in aiding tax avoidance for their customers ? :rotfl:

dunstonh

Given the tax avoidance scandal engulfing their parent company HSBC, I object to paying this company several thousands of £s over the next 3 years. Can I exit this arrangement without penalty due to their criminal behaviour?

Nice try but fail as you have a contract which both sides agree to and the allegations to the Swiss banking arm (desperate company to the one you use) have no direct impact on your contract.

HSBC UK have not failed to meet the terms of your contract and you are free to change it when the terms of your contract allow you to do so. In fact, you can pay to do it now if you want but that is your moral choice.

So you believe that only HSBC are involved in aiding tax avoidance for their customers ?

Absolutely nothing wrong with tax avoidance. Most people in the UK use tax avoidance schemes.

Cyberman60

dunstonh wrote: »

Nice try but fail as you have a contract which both sides agree to and the allegations to the Swiss banking arm (desperate company to the one you use) have no direct impact on your contract.

HSBC UK have not failed to meet the terms of your contract and you are free to change it when the terms of your contract allow you to do so. In fact, you can pay to do it now if you want but that is your moral choice.



Absolutely nothing wrong with tax avoidance. Most people in the UK use tax avoidance schemes.

True, but the avoidance measures here were extreme and thus more akin to tax evasion, otherwise they would not be fined etc.

Thrugelmir

lucytiseman wrote: »

Given the tax avoidance scandal engulfing their parent company HSBC, I object to paying this company several thousands of £s over the next 3 years. Can I exit this arrangement without penalty due to their criminal behaviour?

Can you prove that there's been criminal behaviour?

Interesting that the majority of coverage of Stuart Gulliver's affairs yesterday omitted the fact that he is resident in Hong Kong not the UK. Therefore falls under HK's tax jurisdiction. Standard of journalism is truly appalling these days.

Soon we'll be drowning witches again.

ACG

This wouldnt have anything to do with the fact you have seen better rates elsewhere or want to move would it?

There is nothing legally wrong with helping people avoid tax, accountants wouldnt be in a job if there was. Its evading where there is an issue but as nothing has been proven im not sure why you have an issue yet... innocent until proven guilty and all that.

Jhoney_2

lucytiseman wrote: »

hi



I am 2 years into a 5 year mortgage with 1st Direct.



Given the tax avoidance scandal engulfing their parent company HSBC, I object to paying this company several thousands of £s over the next 3 years. Can I exit this arrangement without penalty due to their criminal behaviour?



thanks

No more than they would be able to kick you out of your home if the shoe were on the other foot - assuming you still paid your mortgage as per the contract.

Nice idea though, lol.