Chancellor Osborne promoted tax avoidance scheme on BBC
George Osborne advised the public on how to avoid inheritance tax in 2003, a BBC2 video reveals. Amid criticism over the government’s failure to prosecute tax evaders embroiled in the HSBC scandal, the footage will prove embarrassing for the Tories.
Downing Street has also come under fire for its appointment of ex-HSBC chief, Stephen Green, as Conservative trade minister in 2011.
Green’s tenure began shortly after the British government received leaked files, which indicated HSBC’s Swiss subsidiary was aiding and abetting industrial scale tax avoidance.
Since the HSBC scandal broke, the Conservative Party has attempted to highlight the tax arrangements of various Labour Party figures, including party donors and the party’s leader Ed Miliband.
On the other hand, the coalition’s failure to adequately investigate HSBC clients involved in tax evasion has been a focal point of criticism by Labour.
‘Clever financial products’
As Labour continues to condemn Chancellor Osborne for avoiding pertinent questions regarding the HSBC scandal, footage of him promoting the use of “clever financial products” to curb inheritance tax bills will prove controversial.
The video, dug up by the Huffington Post, shows the Chancellor offering financial advice to a viewer named Bill in 2003. Osborne was then a backbench Tory MP.
“There are some pretty clever financial products that enable you in effect to pass on your home, or the value of your home, to your son or daughter and then get personal care paid for by the state,” Osborne said.
