Log In

Reset Password

UK tax man probes Bermuda bank accounts

Britain is reportedly investigating bank accounts in Bermuda as part of a massive probe targeting some 100,000 tax dodgers.

UK newspapers reported yesterday that the inquiry has centred on has centered on bank accounts in Bermuda, Panama, Andorra, Hong Kong, Liechtenstein, Singapore and Caribbean islands.

According to the Daily Telegraph, some high-profile individuals are among the tax authorities' targets, including a a male TV presenter, a TV actress and a football manager.

Others are believed to be members of some of Britain's wealthiest families.

An Inland Revenue source told The Daily Mirror: "It has recently emerged there are some high-profile figures that are coming under greater scrutiny as part of the wider tax evasion investigation.

"But the Revenue is keen to track down every single tax dodger whether they are entertainers, bankers or lawyers. The important thing is to build enough evidence to bring a successful civil or criminal prosecution."

It is not illegal for Britons to hold offshore bank accounts, but the money deposited in them must be declared, along with the interest earned.

Anyone found not to be doing this faces a jail sentence.

The source said that the Inland Revenue's investigation had progressed quickly over the last few months.

"The number suspected of using offshore accounts to evade paying tax recently topped 100,000.

"Information has been coming through fast so every single piece has to be assessed and analysed as quickly as possible."

The current UK investigation comes months after the Inland Revenue paid a source £100,000 for details of accounts held by Britons in the tiny central European state of Liechtenstein.