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NHS cash destined for 'tax haven'

12th April 2011

A BBC investigation has discovered that HSBC bank was responsible for setting up a company to funnel millions of pounds of health service cash into an offshore "tax haven".

The bank used a loophole in the law to deal with the profits from private initiatives such as the Queen Alexandra Hospital in Portsmouth. Mike Wilson, of Unison, said: "It's a huge amount of money and it's money that is coming from the tax payer, so it's safe profit.This money is going to bankers who caused the financial crisis who are now in offshore tax havens."

 

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Article Information

Title: NHS cash destined for 'tax haven'
Author: Jess Laurence
Article Id: 18216
Date Added: 12th Apr 2011

Sources

BBC News

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