TaxPersonal TaxHartnett: FSA could probe offshore accounts

Hartnett: FSA could probe offshore accounts

Marketing of offshore accounts may not have clarified the tax consequences, Hartnett says

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
The
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
Accountancy
Age
revealed on Friday
the latest progress on the offshore
disclosure scheme. 4,300 people have disclosed so far, raising several million
pounds.

‘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:

Hartnett:
4,000 disclosures in tax amnesty

Read
The Sunday Times story

Related Articles

HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

1w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2w Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

4m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

4m Emma Smith, Managing Editor
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

3m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

3m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

3m Alia Shoaib, Reporter