Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Coutts admits some clients may have avoided US tax

Coutts admits some clients may have avoided US tax

Coutts said it will co-operate with the US Department of Justice (DOJ) in discovering whether some clients in its Swiss unit may have avoided US tax.

In a statement within its parent Royal Bank of Scotland's full year numbers, Coutts said it had 'notified the DOJ it intends to participate in the programme based on the possibility that some of its clients may not have declared their assets in compliance with US tax laws.'  

The programme requires a detailed review of all US-related accounts and is due to be completed with results presented to the DOJ later in 2014.

In August 2013, the DOJ announced a programme for Swiss banks to settle the long-running dispute between the US tax authorities and Switzerland regarding the role of Swiss banks in concealing the assets of US tax payers in offshore accounts.

The programme provides Swiss banks with an opportunity to obtain resolution, through non-prosecution agreements or non-target letters, concerning their status in connection with the DOJ's investigations.

Yesterday a report by a US congressional committee claimed Credit Suisse had 'helped US tax evaders' avoid billions in tax.   

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter