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Originally Posted by Russ D
I've not suggested I know what they should have done - I don't know the market. It was a cynical ploy to use the law to their advantage. A clever business decision? Possibly but it doesn't mean I have to like it.
Let's assume there was a scenario where a financial institution could clearly make an extended profit if one of their services was only open to UK residents who could prove their British nationality through 4 generations, by exploiting an imaginary 'British heritage tax allowance". I'm using a deliberately hypothetical example here as it's unlikely such a service could possibly exist. Anyway assuming this allowance would be totally legal - do you think it would ever make it to the market place? Although within the law it would sound too close to racism and therefore unworkable.
My point is, what LloydsTSB are doing sounds like it could be racist but as the vast majority of those taking advantage of it would be of ethnic origin, it is deemed more 'acceptable'.
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LTSB are launching an account targeted at people who may wish to send to or invest money within India - which has it's own banking regulations. I think we have established, or I thought we had, that there is clearly no racist intent in launching this product, just a practical, commercial inititiative framed by relevant legislation. I am equally sure British citizens abroad can take advantage of British tax laws to their advantage when they choose to (say an ISA allowance) and use their nationality (even when they haven't lived here for many, many years) to take part in our elections which help frame our tax policies. I think there's a bag of McCains on your shoulder with regard to your comment on this being more acceptable because this product is targeted at ex-pat Indians and their descendants.
Gonna have to sign off for a while. Catch yous laters!