HSBC Suit Shows Challenge Of Designing Tax Relief Laws

By Andrew Parkes (August 5, 2020, 5:06 PM EDT) -- The media got a little excited recently over several big names suing HSBC UK Bank PLLC over the "failed" Ingenious Media and Eclipse Partnerships tax schemes, which have left the bank in a rather unusual and potentially embarrassing financial position.

Normally when a tax avoidance scheme collapses, the user has to pay the tax they tried to save and potential interest — unless the user had already paid the money to HM Revenue & Customs, or, in the old days, bought a certificate of tax deposit. In effect: no harm, no foul.

However, for former Spice Girl Geri Halliwell, who was named...

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