HSBC’s chief exec Stuart Gulliver fails to close probe into his taxes, as taxman requests a string of information
The boss of HSBC may have hand to over more information to the taxman, after a bid by the businessman to close a probe into his affairs failed.
HM Revenue & Customs (HMRC) opened an investigation into Stuart Gulliver's personal tax return for 2013-14 in December 2015.
The tribunal decision notice stressed the enquiry was limited to factual questions about the banker's domicile and "HMRC has not alleged any impropriety on Gulliver's part".
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Last year, the taxman sent the HSBC boss, who is a UK national but has enjoyed an international business career with stints in the Far East, 123 questions to answer as well as "33 categories of document".
Gulliver, who has worked for the Asian-focused bank since the 1980s, applied for a closure notice to bring the taxman's investigation to an end. However, the tribunal refused to grant the businessman's request.
Gulliver has also appealed against the information requests, as he had already provided HMRC with domicile details back in 2002 and 2003.
The tribunal ruling makes no reference to any amount of tax that might be at stake.
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“The hearing in question was an application for court guidance on a technical matter, being the effect of a tax ruling made at the time Gulliver was posted to London in 2003," a HSBC spokesperson said.
HMRC has not responded to City PM's request for comment at time of writing.
The tribunal decision was handed down on 13 March but was first reported by Bloomberg today.