Revenue wins again in offshore battle

Offshore bank account net tightens

Written by AccountancyAge.com

A London stockbroker has been forced to give HM Revenue & Customs access to the private details of 33 clients following another legal ruling.

The order against the unnamed stockbroker, revolves around share dealing on the London stock market carried out through a company based abroad following a ruling made by a special tax commissioner in private hearings

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As the HMRC continues to crackdown on offshore accounts, the latest ruling was the third legal judgement in its favour, the Mail on Sunday reported.

This follows Barclays bank being ordered to release details of thousands of its customers with offshore accounts who tax inspectors believe could be using the accounts to hide income.

About three million UK taxpayers have offshore bank accounts.

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