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Miliband stands by Tory peer HSBC tax claims

Labour leader Ed Miliband called on Prime Minister David Cameron to "say what steps he is going to take to find out about the tax avoidance activities of Lord Fink".

Miliband told journalists, "Lord Fink challenged me to stand by what I said. I do".

Lord Fink admitted taking "vanilla" measures to reduce his liabilities a day after threatening to sue the Labour leader for accusing him of tax avoidance.

HSBC's Geneva office is currently facing allegations that staff encouraged customers to dodge tax.

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Tory donor Lord Fink admits 'vanilla' tax avoidance

Lord Fink is David Cameron's chief fundraiser. Credit: PA

Lord Fink has admitted taking "vanilla" measures to reduce his liabilities a day after threatening to sue Ed Miliband for accusing him of tax avoidance.

In an interview with the Evening Standard, the Tory donor said: "The expression tax avoidance is so wide that everyone does tax avoidance at some level."

He added: "I chose the mildest end of the spectrum that I was advised on. What I did ... was at the vanilla, bland, end of the spectrum."

The hedge fund millionaire told the paper he "used the opportunity ... to set up some simple family trusts" while on a four-year posting to Switzerland.

But he claimed he paid tax on all the dividends, both in Switzerland and the UK.

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Miliband stands by Tory peer HSBC tax claims

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