UK-private bank Coutts & Co has reacted angrily to insinuations in the national press that it is currently involved in pedalling tax avoidance for wealthy clients.
UK-private bank Coutts & Co has reacted angrily to insinuations in the national press that it is currently involved in pedalling tax avoidance for wealthy clients.
Recent reports in The Sunday Times and The Guardian newspapers had referred to the Swiss-based Castle Trust scheme in which 300 Coutts customers had been forced to repay up to £400 million (around $610 million) in tax they had hoped to avoid after HM Revenue & Customs ruled that the scheme had breached UK tax laws.
A spokesperson for the bank told WealthBriefing that the scheme in question was not a Coutts scheme, but one that had been sold by the private bank and its third party provider.
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