HSBC Client Data Passed to HMRC

November 12, 2012 Taxation in UK

HSBCLONDON – UK tax authorities are now pouring through a wealth new information which could provide evidence of UK taxpayers evading their tax obligations.

On November 9th the HSBC Press Centerreleased a statement confirming that it is conducting an investigation into “… alleged loss of certain client data in Jersey as a matter of urgency”, following claims by the UK media that the HM Revenue and Customs (HMRC) has obtained leaked bank data on every UK taxpayer with accounts with HSBC Jersey .

The information, which was provided to the HMRC by a whistleblower from within the bank, allegedly contains the names, addresses and account balances of 4 388 UK taxpayers, whose accounts are estimated to hold nearly GBP 700 million in undeclared assets and capital.

In a statement the bank reaffirmed that it “…remains fully committed to adoption of the highest global standards, including the procedures for the acceptance of clients,” but added that it has not yet been contacted by the HMRC regarding the list of clients.

According to reports released by UK newspapers, the data also contained information on 4 086 account holders who are not UK residents, including 602 residents from Israel, 527 from France, 333 from Spain, and 117 from the USA.

Media speculation has already risen over the contents of the leak and the identities of those named, with allegations that the list contains several prominent UK celebrities, musicians, and a number of convicted criminals.

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