HMRC to examine leaked tax data

SOME of Britain’s wealthiest individuals are facing investigation by HM Revenue and Customs (HMRC) over their use of a major offshore company, The Daily Telegraph can reveal.

The financial affairs of some of the country’s richest individuals may be examined by tax inspectors after this newspaper disclosed how high-profile businessmen are bracing themselves for their information to be exposed after a law firm in Bermuda admitted its records had been hacked.

It is understood HMRC officials had been aware of the leak for some time.

Jeremy Summers, head of business crime at law firm Osborne Clarke, said that it was likely the individuals concerned would be investigated by HMRC because the organisation had become “increasingly aggressive” in recent years.

Mr Summers said: “Although offshore accounts and trusts have historically been used for legitimate tax avoidance schemes … HMRC was increasingly taking a very tough line on offshore schemes.”

It is understood that the International Consortium of Investigative Journalists (ICIJ) is likely to publish the data within days.

Appleby – the company that was hacked – is understood to have informed many of its clients. The firm has offices in the British Virgin Islands, the Cayman Islands, Guernsey, Jersey, and Mauritius.

It is understood that many of the island’s authorities, including The Bermuda Cyber Threat Intelligence Group, were unaware of the breach.

However, Appleby said it had been reported to the regulator.

A spokesman for HMRC said: “We are aware of the rumours of a planned release of data from the ICIJ.

“If the ICIJ reveals any information that is new to HMRC, we will look of course look into it.”

Appleby denies any allegations of wrongdoing on its part and said that is had “thorough and vigorously investigated the allegations”.