HM Revenue and Customs (HMRC) is to wind down its investigation, known as Operation Solace, into HSBC over tax avoidance allegations, following its failure to add a single prosecution of a tax cheat from the bank. MP's are dismayed that the HSBC files, that the HMRC received five years ago has failed to garner better results, and it has been criticised for offering amnesty to 1,100 of customers who have been potentially hiding money in Switzerland. HNRC's Director General, Jennie Grainger, says that it has "collected more revenue, we now have £142m, but we have just about exhausted what we have from the data. There are no more prosecutions at this point".
HM Revenue and Customs (HMRC) is to wind down its investigation, known as Operation Solace, into HSBC over tax avoidance allegations, following its failure to add a single prosecution of a tax cheat from the bank. MP's are dismayed that the HSBC files, that the HMRC received five years ago has failed to garner better results, and it has been criticised for offering amnesty to hundreds of customers who have been potentially hiding money in Switzerland. HNRC's Director General, Jennie Grainger, says that it has "collected more revenue, we now have £142m, but we have just about exhausted what we have from the data. There are no more prosecutions at this point".