BBC Panorama investigation puts spotlight on Lloyds |
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| News - Tax | |||
| Wednesday, 23 September 2009 13:34 | |||
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HM Revenue and Customs (HMRC) is investigating allegations that clients of Lloyds Banking Group are being encouraged to avoid UK taxes by channelling money through China, it was reported on 21 September in an edition of the BBC programme Panorama. The BBC claims an employee at the Jersey branch of the bank was covertly filmed giving the advice to a man posing as a client with a substantial sum to invest. Lloyds was given a £17bn government bailout in 2008. The bank denies it has done anything wrong. In a statement Lloyds said it would not comment on the actions of an individual employee. The Lloyds TSB employee allegedly told the undercover customer that income earned on deposits made in the tax haven could be paid to clients via Hong Kong to “get round” the European Savings Tax Directive. Dave Hartnett, permanent secretary at HMRC, described Lloyds’ conduct as “incredibly irresponsible”.
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