Around three hundred people are being contacted regarding assets held in the LGT bank for tax reasons and could face prosecution if they are found to have lied about assets held in previous probes.
In April 2007, HMRC announced a tax amnesty for savers who had undeclared offshore income to come forward and settle for a fixed rate penalty in a bid to boost internal revenue and close the net on those who were deliberately evading payment on their accounts. Since then more than 44,000 people with offshore investments have come forward to declare their assets.
In the second part of its tax-haven clampdown, the Government has announced plans to investigate offshore account holders over the coming months. HMRC is currently seeking legal notices to force around 25 foreign banks to disclose information about clients with offshore accounts.