Tax haven Britons 'face cash probe'

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HM Revenue & Customs (HMRC) is believed to have bought account data from an informant with access to the biggest bank in Liechtenstein, according to The Sunday Times.

HMRC is now said to be planning to launch investigations into possible tax evasion by up to 100 British citizens.

Those found guilty reportedly face fines of up to 100% of the money owed and even a jail sentence of up to seven years if deliberate deception can be proved.

It is thought that the anonymous informant also sold data to Germany's intelligence service for £3.2 million last January, which led to raids of dozens of suspected tax evaders in Germany.

Last week, it was reported that a row had broken out between Liechtenstein and Germany, with the renowned Alpine tax haven accusing Germany of breaking the law by buying the data.

The Sunday Times said the informant had also offered data to tax authorities in America, Canada, Australia and France.

HM Revenue & Customs was not immediately available for comment.

Liechtenstein is one of three places classed as being an "unco-operative tax haven" by the Organisation for Economic Co-operation and Development for failing to allow tax authorities in other countries access to details of accounts held in its banks. Monaco and Andorra are also on the tax haven black-list.

Germany has been spearheading a campaign to force these states to end secret banking practices, which is widely believed costs countries millions of pounds of lost tax.