J’accuse! French Politician hid £2M in Manx Bank Tax Fiddle

The Ex-Budget Minister of France’s Socialist government, Jerome Cahuzac aged 61, has been accused by his estranged wife of using a secret Isle of Man bank account to channel money in order to evade tax; according to a report by Peter Allen in this week’s Daily Mail.

Cahuzac played a key role in the introduction of the 75% tax rate, designed by the Socialists to punish the French middle classes.   Ironically, as Budget Minister he had been in charge of France’s overall tax investigation regime.

Last year President Hollande threw Cahuzac out of the government and the party; following revelations that he had stashed millions of euros in Swiss bank accounts and Singapore banks as part of an offshore tax fraud.  Now his wife Patricia has reported that he hid £2 million laundered through a bank account on the Isle of Man.

What does this mean for me?
Unless you’re a French champagne-socialist government minister you may not feel an immediate connection to this issue.  However, this is once again a reminder of how seemingly secret information about tax evasion can leak out.  Wronged wives and mistresses have long been the number one source of quality information to HMRC’s tax inspectors.  And, currently the UK’s taxman is being given access to full details regarding bank accounts in Switzerland, the Isle of Man, and the Channel Islands of Jersey and Guernsey.

How Can Lynam Tax Disclosure Experts Help Me?
If you have an offshore bank account and historic tax problems you may want to consider the current offshore tax amnesties, including the Isle of Man disclosure facility.  Our Offshore Tax Disclosure Specialists have a huge amount of experience in dealing with tax enquiries and disclosures relating to offshore bank accounts.

For a wholly confidential and initially free discussion of these issues, call:

Paul Lynam: 0845 643 9997

Andrew Nutbrown: 07718 778710