Lloyds Bank hit by Obama tax purge
June 14th, 2009
Banking group drops American customers in UK ahead of costly proposals to stamp out tax evasion
Daily Telegraph
Lloyds Banking Group is ditching American customers based in Britain pending a crackdown on international tax evasion planned by President Barack Obama.
This week American private client account-holders at Lloyds’s received letters informing them of an “important change in policy regarding clients who are resident, domiciled or linked to the United States by property or asset holdings”. They were told the bank had “no choice” but to “cease acting as your investment manager.”
Continue reading the article at Telegraph.co.uk…