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

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.



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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.