HMRC approaches Germany over stolen account data

The UK has approached Germany to discuss the possibility of buying data on hundreds of people with hidden offshore accounts.

According to the Financial Times, the list, which was offered to German chancellor Angela Merkel by an informant in Switzerland, may also contain the names of UK tax evaders.

HM Revenue and Customs may therefore pay Germany for access to the information, so that it can pursue those deliberately avoiding tax by hiding money in Swiss accounts.

Officials believe that Switzerland is a major haven for undeclared accounts, after the Channel Islands, accounting for hundreds of millions of pounds in lost revenues.

Ms Merkel's decision to purchase the data, which was obtained by an IT specialist who used to work at the Swiss arm of HSBC, has prompted criticism from some German politicians, as well as the Swiss government.

The informant claimed the data could be worth up to €200 million (£175 million) to Germany in lost tax revenue.