Building societies and foreign banks with British operations are to be probed
by HMRevenue and Customs in a new crackdown on tax evasion.
Customers of 25 organisations look set to be investigated, according to
In 2007, five of the major British high-street banks were forced to disclose
customer information pertaining to offshore accounts, and resulted in the
generation of £400m of unpaid taxes.
A memo was circulated by HMRC to advisers this week saying its objective
‘will be to obtain information from a new tranche of financial institutions,
using the same legal powers as applied to the first five banks.
‘The intention of the new exercise will be to provide an opportunity for
account holders to inform us of their own accord, if they have unpaid tax or
duties and to settle their debts in a similar way to the original offshore
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group