TaxPersonal TaxBanks set for offshore account showdown with HMRC

Banks set for offshore account showdown with HMRC

Banks not convinced that they will have to provide offshore account information to HMRC

The taxman is expected to play hardball with banks today in a bid to access
their clients’ offshore account details to check if they owe tax.

HMRC had previously gained access to the account details of the five high
street banks through the Special Commissioners, and is looking to do the same
through another 170 financial institutions.

However banks are concerned about the cost of providing data to HMRC, are
worried about the reaction from their customers over the way the government
handles private information following the data discs loss, reports
The
Times
.

The newspaper said that representatives of the BBA, Building Societies
Association and Association of Foreign Banks questioned whether there was enough
evidence for the commissioners to allow HMRC to access the information.

HMRC had previously told Accountancy Age that it was looking to line
up another tax amnesty, or offshore disclosure facility, if it gained access to
more offshore account details.

Further reading:

Poll rejects plans for second
offshore amnesty

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