Liechtenstein evaders have 'substantial' tax to pay

Wealthy individuals who have money stashed in Liechtenstein have 'substantial amounts to pay', HMRC acting chairman Dave Hartnett said today.

Hartnett has moved to associate himself closely with the government's decision to pay an informant £100,000 for data on individuals' bank accounts in the tax haven, a deal that he suggested would recoup £100m in tax.

In a statement released by the tax authority, Hartnett said: 'Most people under investigation have substantial amounts to pay, with at least £100m tax at risk in the UK.

'HMRC is determined to protect the UK's tax base from evasion and in doing so we will use all the statutory powers we have. It should now be clear to everyone that that there is no safe hiding place for the proceeds of tax evasion.

'Those who have hidden income and gains should make a prompt and complete disclosure to HMRC.

'And in the light of recent developments involving Liechtenstein bank accounts, there needs to be a significant move towards full implementation of OECD standards on transparency and effective exchange of information in tax matters.'

Further Reading:

HMRC paid informer £100,000