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September 27, 2010updated 04 Apr 2017 3:52pm

UK regulator probes wealthy HSBC clients

The UK tax regulator, HMRC, is understood to have sent letters to hundreds of high net worth UK investors over possible tax evasion in connection with Swiss HSBC Private Bank accounts. The HMRC confirmed letters were issued in line with the provisions of HMRC Code of Practice 9 which asks tax payers to disclose their tax irregularities.

By PBI Editorial

The UK tax regulator, HMRC, is understood to have sent letters to hundreds of high net worth UK investors over possible tax evasion in connection with Swiss HSBC Private Bank accounts.

The HMRC confirmed letters were issued in line with the provisions of HMRC Code of Practice 9 which asks tax payers to disclose their tax irregularities.

“The days of hiding money offshore to evade tax are now over,” a HMRC spokesman said.

 

Europe-wide investigations

The revelations are the latest in a string of European government tax investigations stemming from the theft of an estimated 15,000 client accounts from HSBC Private Bank in Switzerland in March.

The details of the Swiss bank accounts, dating back to 2005 and 2006, were passed to French prosecutors in March after Hervé Falciani, a former IT worker at the bank, handed over information stored on his laptop.

Similar investigations have been launched in Italy, Germany and Spain and could be expected in up to 10 different European countries where owners of the Swiss-based accounts reside.

HSBC Private Bank was unavailable for comment on the latest developments.

 

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