Log In

Reset Password
BERMUDA | RSS PODCAST

UK tax authorities pay for Liechtenstein account data

LONDON (Bloomberg) — The UK tax collection department is investigating Britons with bank accounts in Liechtenstein for possible tax evasion, after a German probe in the alpine country turned up suspected wrongdoing.

Her Majesty's Revenue & Customs paid £100,000 ($197,000) for data of 100 bank accounts held by Britons in the tax haven, the Sunday Times reported.

The department later confirmed the investigation, though a spokesman declined to give details.

The UK tax collector "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," Revenue & Customs said in an e-mailed statement in response to the Sunday Times article.

German authorities are investigating hundreds of people suspected of failing to declare money they have in Liechtenstein foundations.

Deutsche Post AG Chief Executive Officer Klaus Zumwinkel, 64, quit his job on February 15 after his home was raided in the probe.

The German government paid as much as 5 million euros ($7.4 million) for information on German account-holders in Liechtenstein.

A computer disc containing the data was provided by an "unsolicited" informant to the Federal Intelligence Service.

Liechtenstein is a country of 35,000 people, wedged in the Alps between Switzerland and Austria.