The taxman believes up to 60,000 Britons could be caught by its ongoing offshore bank account probe, The Telegraph reports.
HM Revenue & Customs (HMRC) said yesterday that around 300 wealthy Britons who have hidden money in the tiny European tax haven of Liechtenstein are facing investigation and criminal prosecution, but that those individuals represent only a tiny proportion of those who could be charged.
The Revenue forced five UK banks to hand over details of 400,000 customers with offshore accounts last year.
Of those customers HMRC suspected 100,000 of tax evasion and of that number 40,000 have come forward voluntarily, paying a total of £450m in back taxes. The Revenue expects to interview the remaining 60,000.
MEMBERS OF PARLIAMENT have entered early day motions calling for a debate on compensation for Equitable Life policy holders, also according to The Telegraph.
Christopher Chope, a former Opposition front bench spokesman for the Treasury, has lodged a proposal in light of last week's Parliamentary Ombudsman's report, which accused the Government of failing to regulate the mutual insurer correctly.
Equitable was forced to stop taking on new business in 2001 after being unable to pay guaranteed bonuses, causing more than a million policy holders to see their investments slashed.
PARAGON GROUP OF Companies has become the focus of a potential private-equity bidding war with Blackstone leading the pack, while TPG, which pulled its proposed investment in Bradford & Bingley (B&B) last month, is also understood to have taken an interest, The Independent reports.
The beleaguered buy-to-let-mortgage supplier Paragon revealed yesterday that it had become the focus of at least two takeover approaches in a statement to the market, with analysts predicting the deal could be "well below" its value of about £630m.IFAonline
Taking the time to look
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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