Hartnett: FSA could probe offshore accounts

The FSA could probe the activity of banks in selling offshore bank accounts,
according to HM Revenue & Customs director general Dave Hartnett.

Hartnett, speaking to
Sunday Times
, said he was concerned about the way bank accounts had been
marketed without clarifying the tax consequences: ‘One of the things I am
concerned about is the extent to which some of the marketing has…misled them.’

Hartnett made the comments after
revealed on Friday
the latest progress on the offshore
disclosure scheme. 4,300 people have disclosed so far, raising several million

‘We will look at how offshore products have been marketed because part of our
job is to try to make sure people understand their tax obligations and meet
them, so if they are being misled we want to understand that. It would be an FSA
matter and we have a statutory [obligation] to pass information to the FSA.’

Further Reading:

4,000 disclosures in tax amnesty

The Sunday Times story

Related reading