HMRC wins disclosure orders against four more banks
HMRC estimates haul of £275m could come from new disclosures; rather less than earlier order against Barclays
The taxman has won new disclosure orders against some of the UK’s biggest
banks over offshore accounts, in a trawl that could net the taxman hundreds of
millions of pounds in tax evaded.
Commissioners ruled last month that the tax authorities could gain access to
the offshore account details of four banks – thought to be Lloyds TSB, HSBC,
HBOS and RBS – in a move expected to yield a total of £275m in unpaid tax.
The move follows an earlier disclosure order against Barclays, which revenue
estimates expected to yield up to £1.5bn in unpaid tax.
Those affected are expected to be offered amnesties to come forward and
declare the unpaid tax. The Barclays case had indicated that there were more
customers affected than had filled in the foreign pages of the tax return.
The amnesty is expected to be outlined next year.
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