Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

Tax planning for 5 April 2015

Read more...

Job cuts hamper tax collections 30 May 2012

Read more...

HMRC send out Penalty Notices. 14/08/12

Read more...

Tax Fact from Fiction. 24/10/11

Read more...

Contact Us

News Items

Tax Tips

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals


Helping Your Business is Our Business


Call us now on 023 8083 6900 ABDS Home

News - 26 February 2015

Another bank faces tax evasion enquiry

Coutts, known as the Queen's bank, is being investigated by German authorities on alleged aiding of client tax evasion.

The bank, which is owned by Royal Bank of Scotland (RBS) and exclusively open only to those of significant financial means, said the inquiry was focused on its Swiss operation.

These details were released only hours after RBS announced losses of £3.5bn for 2014.

The development comes at a time when HSBC's private bank in Switzerland has been mired in controversy over alleged collusion in tax evasion

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“RBS is 79%-owned by the British taxpayer after a government-led rescue in 2008. The bank said it had reduced costs by some £1.1bn and will cut another £800m this year, but said that £2.2bn in litigation and conduct provisions due mainly to PPI mis-selling scandal and manipulation of currency markets were also major factors in the loss.”

A spokesperson for RBS said of the current Coutts enquiry, "A prosecuting authority in Germany is undertaking an investigation into Coutts & Co Ltd in Switzerland, and current and former employees, for alleged aiding and abetting of tax evasion by certain Coutts & Co Ltd clients.

"Coutts & Co Ltd is cooperating with the authority."

For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

« Back to News