Tax & Accounting News

Tax Haven Brits Face New Inquiries

28/07/2008

Around 300 wealthy Britons are facing a tax probe, and possible prosecution, over £1bn they have deposited in bank accounts in Liechenstein.

The move comes after a former employee of LGT, a leading Liechenstein bank, sold internal bank details to German and other tax authorities earlier this year.

In total, investigators are looking at more than 15,000 LGT clients, believed to be from 50 different countries, who are thought to have salted away up to £110bn.

The principality’s other banks are also facing pressure to co-operate with overseas tax authorities.

Some British LGT clients have already been contacted by HM Revenue & Customs (HMRC), which has made it clear that it is stepping up its pursuit of people with offshore accounts and tax liabilities who failed to take advantage of an amnesty in 2007.

HMRC has said it will consider prosecuting those LGT clients who lied about assets in previous probes.