Search

Poplar and Limehouse MP Jim Fitzpatrick wants a crack-down on tax avoidance

PUBLISHED: 12:15 18 February 2015 | UPDATED: 12:25 18 February 2015

Archant

Tax avoidance has been a big issue in the news as of late, particularly in relation to HSBC.

I am sure to many of you in the Borough, HSBC is a familiar face with its Canary Wharf headquarters towering above and viewable from, much of Poplar and Limehouse.

In a number of leaked documents, HSBC was found to have helped customers evade or avoid paying tax. The documents contained detailed information identifying thousands of HSBC clients allegedly guilty of tax evasion. Although the documents were originally leaked in 2007 by HSBC, they were passed onto the Government in May 2010.

It is therefore deeply concerning that in the five years the Government has been in receipt of these leaked documents, only one person has been found guilty of tax evasion.

It is clear the Government is not doing enough to prevent big corporations from using illegal means to avoid paying their taxes.

In a time when living standards are low, where families in and around Poplar and Limehouse are struggling to make ends meet, tax avoidance continues to be devastating blow to those hardest hit by this Government’s austerity measures.

However, this is not to forget the many businesses in the Borough, particularly those situated in Canary Wharf, who do follow appropriate tax regulations and who do pay the correct money they owe. It has not gone unnoticed that many companies contribute greatly to the local community with money, resources and through volunteers.

Nevertheless, the Government urgently need to crack down on tax avoidance, close loopholes and increase transparency in the tax system.

I would also like to see the Government ensure there is greater independent scrutiny of the tax system and do more to ensure the public can see who owns firms and how much tax they pay.

These so called ‘tax havens’ for the rich are costing us ordinary, hard-working people, British families and businesses alike.

Labour is proposing an international blacklist giving UK tax havens just six months to get their house in order or face being sanctioned which I believe is a good step towards tackling this issue.

Ultimately, individuals and companies alike should pay their fair share, and where the international rules are not fit for purpose we have to change them and this is what Labour promises to do if elected this May.

Latest East London News Stories

The Queen was in east London today to hear first-hand about the Royal Navy’s relief operation in the aftermath of Caribbean Hurricane Irma.

22 minutes ago

A Somali festival opens this-evening in east London in a project aimed at helping a displaced community facing challenges in resettling.

A 10-day music and community festival headlined by The National and The xx – and starring 200 other acts – will replace Lovebox and Field Day in Victoria Park next year.

07:05

Henry Moore’s treasured ‘Old Flo’ sculpture has hit a snag this-morning on its long-awaited return to east London after 20 years because of today’s inclement weather forecast.

I recently met with the new police officers the council is funding in the borough and discussed with them the steps being taken to tackle crime and anti-social behaviour across Tower Hamlets.

Saturday, October 21, 2017

The pioneer of the Race Relations Act is among leading figures in the education and legal professions addressing today’s diversity and leadership lecture and scholarship awards at the University of Law in Moorgate.

Saturday, October 21, 2017

Letters, contributions and comments sent in to the Advertiser this week.

Friday, October 20, 2017

Meet the emergency team at the London Independent Hospital in Stepney Green who are on official standby for the World Taekwondo grand prix and World Para Taekwondo championships.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Digital Edition

cover

Enjoy the
Docklands and East London Advertiser
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now