Aggressively marketed schemes likely to enable wealthy clients to avoid European taxes.
As if that wasn't enough, in July 2008, a US Senate panel accused UBS of enabling wealthy Americans to evade taxes through offshore accounts.
The Panama Papers revealed hundreds of thousands of companies based in tax havens around the world, enabling wealthy individuals to avoid tax.
But critics led by the trade unions lobbied the chancellor to abolish taper relief which enabled wealthy private equity partners, among others, to pay less tax.
The Erie Canal opened, giving farmers in western New York a competitive edge, and then the rail lines came through, enabling wealthy New Yorkers to build grand weekend houses on Long Island Sound and to begin daily commuting to Manhattan.
The statement by the I.R.S. puts to rest a serious headache for UBS, the world's largest private bank, and for Switzerland over offshore private banking services that enabled wealthy Americans to evade taxes.
The British Caribbean territory, however, is notoriously secretive and, Mr. Palmer said, one of the most egregious offenders in enabling wealthy people to hide their money to avoid taxes.
In 2005, the accounting firm KPMG admitted to creating fraudulent tax shelters that enabled wealthy clients to evade $2.5 billion in federal taxes, and six former partners, including the firm's former deputy chairman, were indicted.
Now the Treasury has called a halt to part of that subsidy, films are being cancelled, and the industry says it is under threat.The reason the Treasury called a halt to one particular tax scheme was that it enabled wealthy investors not just to get tax relief but actually to make a profit out of the Inland Revenue.
The accusation, which was filed as a criminal information, underscores how Swiss bank secrecy continues to flourish despite the recent United States crackdown on UBS, Switzerland's largest bank, in connection with offshore private banking services that enabled wealthy Americans to evade taxes.
