hmrc building

HMRC prepares for more raids on offshore accounts

Taxman calls in private banks and institutions as part of its tax evasion clampdown, with a mind to accessing more accounts held offshore on behalf of UK clients

Written by Kevin Reed

The taxman has called in 170 financial institutions over its plans to examine the details of their offshore account holders.

Following HM Revenue & Customs' successful battle to gain access into the accounts of the five high street banks, it is planning on extending its reach to all financial management institutions.

The taxman received information during its offshore disclosure facility into nearly 60,000 unpaid tax declarers, and is expecting to look into a similar number who it believes should have made a disclosure.

Today's meeting is expected to look into how far the other institutions would cooperate in handing over client information.

Account holders who have disclosed have until 26 November to pay up.

HMRC is expected to begin prosecutions next year into tax evaders whose information was discovered from the banks.

Further reading:

Offshore account tax disclosures reach 60,000

Offshore accounts special: AA-TV meets Dave Hartnett

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