A crackdown by the United Kingdom government on those using offshore companies for share trading has the Isle of Man in its sights.

Revenue & Customs have asked an unnamed American investment bank for details of clients living in Britain who have been using offshore jurisdictions to conduct share dealing.

Advisers in the UK say this could net UK authorities more than ?100 million in unpaid tax from just a couple of hundred individuals.

Revenue & Customs say anybody who doesn’t own up to trying to dodge tax could face prosecution unless they come clean now.

The probe could involve thousands of the wealthiest investors in London who have set up similar offshore schemes.