HMRC has announced that a senior London bank executive has been arrested on suspicion of tax fraud.

HMRC investigators carried out the arrest of a 63-year-old man at a residential address in London over a suspected fraud concerning a personal tax return, which the department says is not related to the person's employer.

Alan Lee, deputy director of criminal investigation at HMRC, said: 'Tax fraud is a serious crime and HMRC will not hesitate to take action and investigate where we find evidence of someone not playing by the rules.'

HMRC said it is not willing to provide further information about the banker's identify at this stage as its investigation is ongoing.