Tuesday, July 17, 2012

UK uses dodgy banks to collect tax

hmrc © corbis

News comments:
The silly season continues.

Did you know the UK collects its taxes and deposits them in an American bank? Yep, Citi collects the tax of UK citizens. Isn't that bizarre? (HMRC Bank Accounts)

But then it gets worse. If you want to pay some pension contributions you pay them into Alliance & Leicester. A bank owned by a Spanish bank, Santander. (HMRC Bank Accounts)

Now I wouldn't dare say that Citi and Santander are banks with a reputation but ...

Citi is the worlds largest money launderer (rinse) (businessweek)

Santander is bust (dailyrecord)

Why don't HMRC use a UK tax payer owned bank like RBS or LLoyds? They need liquidity and deposits as much as any other bank.

Truly shocking.

Today's shorts:
HMRC to fine people for not being tax payers (thisismoney)

HMRC clamps down on SDT (ftadviser)

BBC rapped for tax offences (dailymail)

Beer to get stamp duty (bighospitality)

Today's longs:
Brits say NON (independent)

HMRC to be fined by FSA for money laundering failures.


Anonymous said...

F***king disgrace

Anonymous said...

Sorry, where in the first link does it say Citi?

RRSP Limit said...

Why American Banks? is the crisis totally gone from US?

Anonymous said...

Both Citibank and Santander UK are UK registered companies regulated under the FSA.

Where the Government put tax revenue and pension contributions temporarily is not particularly important. Where would you have proposed the Government put their revenue *before* they had a stake in the banks? Probably wherever it could be best managed.