Credit Suisse targeted in offshore banking tax fraud probe

Tax authorities in America are investigating if banking giant Credit Suisse to assisted US citizens to evade tax; according to a report by the BBC.

This is in addition to the ongoing investigation into UBS.  Credit Suisse (whose parent company is based in Switzerland) says it has been told it is a “target” for investigation, but claims this is part of a “broader industry inquiry”.

Four Credit Suisse bank employees were indicted this February for helping taxpayers hide money in secret bank accounts.

The BBC also reports that in June 2010 Switzerland changed the law to allow Swiss banks to share customer details with US tax authorities. It is not yet known if the IRS is passing on this information to HMRC in the UK and other fiscal authorities.

The UK and Switzerland are known to be very close to agreeing a new deal on information sharing also.  From this year any evaded tax in the UK linked to offshore bank accounts can incur penalties of up to 200% of the tax, plus interest.  HMRC has also recently announced an increase in prosecutions linked to offshore bank accounts.

Anyone with underpaid tax and an offshore asset can still benefit from the very generous terms of the Liechtenstein Disclosure Facility: a UK Tax Amnesty which (despite the name) does not require any prior connection to Liechtenstein.

Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues.  We are helping many clients and their agents with the current tax amnesty.

*For a free, private, no obligation consultation, don’t delay, call Paul Lynam today: on 0845 643 9997