HM Revenue & Customs has won the right to get information about
customers’ offshore bank accounts in a landmark ruling.
The Special Commissioners have ruled that the taxman can get hold of account
details, in a case that is thought to have involved a high street bank.
The bank, unnamed in the proceedings, had tried to argue that the Revenue’s
request for information was incompatible with the Human Rights Act, a claim the
commissioner, John Avery Jones, rejected. He also decided that existing
information from a sample of offshore customers suggested that many did not
declare the interest earned, and that the request did not therefore amount to a
HMRC calculates that the investigation and the decision will yield a further
£347m of revenues, the Financial Times reported today.
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
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Companies must report on their complex financial structures including offshore accounts and notify HMRC