Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Requiem for a recorder'

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government?

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government? (part 2)

Read more

DEBATE

Racism, riots and police violence: USA under scrutiny

Read more

IN THE PAPERS

"The pen is mightier than the sword"

Read more

FOCUS

Israel's minorities and military service

Read more

BUSINESS DAILY

Russia targets McDonald's over tensions with West

Read more

AFRICA NEWS

Ebola: Liberian authorities admit 17 patients are missing

Read more

MEDIAWATCH

'New York Post' slammed for publishing Foley execution images

Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Deadly street battles hit Ukrainian rebel stronghold

    Read more

  • US attorney general visits Missouri town after fatal shooting

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Netanyahu compares Hamas to IS, Gaza offensive to continue

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

  • France’s ex-PM Juppé sets up presidential clash with Sarkozy

    Read more

  • France’s Hollande says global security ‘worst since 2001’

    Read more

UK caught in tax evasion controversy

Latest update : 2008-02-25

According to the British press, UK's tax authority paid an informant 100,000 pounds ($196,500) for the bank details of scores of wealthy Britons in Liechtenstein. (Report: P. Hall)


LONDON, Feb 24 (Reuters) - Britain's tax authority is
investigating up to 100 British citizens with bank accounts in
secretive Liechtenstein after buying data from an informant in a
similar move to Germany, a newspaper reported on Sunday.
 

Her Majesty's Revenue and Customs (HMRC) paid the informant
100,000 pounds ($196,500) for the bank details of scores of
wealthy Britons, The Sunday Times said, adding that the records
had been stolen from the tax haven.
 

An HMRC spokesman declined to confirm the report, but said:
"HMRC is using the powers given to it by parliament to protect
the UK Exchequer from those who seek to hide behind secrecy laws
to deprive the UK of tax revenues to which it is entitled."
 

A major German investigation into tax dodging centring on
Liechtenstein and its secretive banks has sparked a backlash in
Germany against the tiny Alpine country, which relies on
discreet banking services to attract foreign cash.
 

Liechtenstein is one of three countries on the Organisation
for Economic Cooperation and Development's (OECD) tax-haven
black-list, alongside Andorra and Monaco.
 

Any Briton found to have evaded tax by putting money in a
Liechtenstein account faces fines of up to 100 percent of the
money owed to British tax authorities and, if deception is
proven, up to seven years in prison, The Sunday Times said.
 

German media have reported that Germany's BND intelligence
service paid an informant around 4.2 million euros for a compact
disk containing Liechtenstein bank data on over 1,000 tax
evasion suspects.
 

Germany's Finance Ministry confirmed the German government
paid for information. Liechtenstein accused Germany of illegally
acquiring the data.
 

The German tax probe has focused on suspicions that hundreds
of rich Germans evaded taxes by parking money in Liechtenstein's
banks. It has cost Deutsche Post's <DPWGn.DE> chief executive
his job and threatens to claim other high-profile victims.
 

Shares in Liechtenstein-based banks have been hit hard by
concerns the German probe could hurt their reputations and
business.
 

Prime Minister Otmar Hasler defended his country's policies
this week but also pledged to cooperate with Europe in combating
fraud.

LONDON, Feb 24 (Reuters) - Britain's tax authority is
investigating up to 100 British citizens with bank accounts in
secretive Liechtenstein after buying data from an informant in a
similar move to Germany, a newspaper reported on Sunday.
 

Her Majesty's Revenue and Customs (HMRC) paid the informant
100,000 pounds ($196,500) for the bank details of scores of
wealthy Britons, The Sunday Times said, adding that the records
had been stolen from the tax haven.
 

An HMRC spokesman declined to confirm the report, but said:
"HMRC is using the powers given to it by parliament to protect
the UK Exchequer from those who seek to hide behind secrecy laws
to deprive the UK of tax revenues to which it is entitled."
 

A major German investigation into tax dodging centring on
Liechtenstein and its secretive banks has sparked a backlash in
Germany against the tiny Alpine country, which relies on
discreet banking services to attract foreign cash.
 

Liechtenstein is one of three countries on the Organisation
for Economic Cooperation and Development's (OECD) tax-haven
black-list, alongside Andorra and Monaco.
 

Any Briton found to have evaded tax by putting money in a
Liechtenstein account faces fines of up to 100 percent of the
money owed to British tax authorities and, if deception is
proven, up to seven years in prison, The Sunday Times said.
 

German media have reported that Germany's BND intelligence
service paid an informant around 4.2 million euros for a compact
disk containing Liechtenstein bank data on over 1,000 tax
evasion suspects.
 

Germany's Finance Ministry confirmed the German government
paid for information. Liechtenstein accused Germany of illegally
acquiring the data.
 

The German tax probe has focused on suspicions that hundreds
of rich Germans evaded taxes by parking money in Liechtenstein's
banks. It has cost Deutsche Post's <DPWGn.DE> chief executive
his job and threatens to claim other high-profile victims.
 

Shares in Liechtenstein-based banks have been hit hard by
concerns the German probe could hurt their reputations and
business.
 

Prime Minister Otmar Hasler defended his country's policies
this week but also pledged to cooperate with Europe in combating
fraud.

Date created : 2008-02-24

COMMENT(S)