Britain considering imposing new tax evasion penalties

The British government is considering imposing heavy financial penalties on banks, accountants, and companies who aid people evade tax, following HSBC’s Swiss division scandal.

Chancellor of the Exchequer George Osborne made the remarks during a Monday parliamentary debate concerning the HSBC scandal.

According to Osborne, the fresh fines could be outlined in the next budget in March.

“We are looking very seriously at the budget not just at people who evade taxes, but those who facilitate tax evasion,” Osborne said.

The new measures would include penalties for facilitating tax evasion equal to the taxes and fines to be paid by the evaders themselves.

“The overwhelming majority of people who pay their taxes have every right to expect that everyone else does the same. A tiny minority still behave as if tax evasion is more akin to a sport than a crime,” he said. “If someone helps a break into your home they end up in the dock as an accomplice. It should be the same if some helps a tax evader.”

During the debate, Osborne also implied that the HSBC could be prosecuted over its Swiss branch’s role in tax evasion by 1,100 of its British clients.

“Some very serious allegations have been made about HSBC Swiss and its role in knowingly advising people on tax evasion. Of course this is a matter that our criminal authorities, prosecuting authorities will want to look into,” said Osborne.

The British government is currently close to clinching a deal with France so that leaked HSBC information could be used to take actions against it.

In accordance to a deal previously reached with France, the UK could use the information passed to the French government in order to prosecute individuals but not banks.

The announcement was made after HSBC revealed a 17-percent drop in its pre-tax profits to £12.1 billion in 2014.

The scandal-hit bank also echoed its recent apologies for its Swiss private bank actions, labeling them "unacceptable.”

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