Personal Finance

HMRC chases large-scale tax evaders

HM Revenue & Customs (HMRC) has sent letters to hundreds of wealthy tax payers over possible large-scale tax evasion, it has been reported.

Most of the letters are in connection with offshore bank accounts held at HSBC in Switzerland after HMRC acquired a list of well-off people who hold accounts at the bank.

The letters, known as Code of Practice 9, warn the recipients that any suspicions of suspected serious tax fraud will be probed by HRMC officials.

An HMRC spokesman said: "The days of hiding money offshore to evade tax are now over."

It has been reported that HMRC was given the list of wealthy account holders by French prosecutors and it is understood the list was stolen by a former HSBC employee in Switzerland. A spokesman for the bank said: "We do not condone tax evasion" but he would not comment on the incident concerned.

Sam Jackson

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