HMRC: bank account access will boost amnesty

The taxman has won access to the offshore accounts of UK citizens from 300 banks, and will use the information to match it up against those that reveal information during the latest tax amnesty.

The Tax Chamber of the First-tier Tribunal ordered the banks to make the information available. The decision is another boost to HM Revenue & Customs, which agreed a tax information exchange agreement with Liechtenstein this week.

Because of the chamber's decision, HMRC will be able issue information notices to the banks ahead of the second tax amnesty – information they will use to compare against those people that disclose their details voluntarily.

'I urge any of them who have unpaid tax liabilities connected to these accounts now or in the past to come forward and make a full disclosure during the NDO because we will use the information provided by the 300 banks to pursue those people who continue to flout the UK’s tax laws,' said HMRC permanent secretary for tax Dave Hartnett.

'I know there are people who regret not taking advantage of our Offshore Disclosure Facility (ODF) in 2007 which focused primarily on the customers of five large banks. Today we have successfully applied to get information on the offshore accounts and assets of customers of over 300 further banks.'

Further reading:

HMRC to blow overseas accounts wide open after Schedule 36 win