HMRC tax probe to focus on building societies and overseas banks
Revenue poised to initiate second round of probing into offshore accounts
Revenue poised to initiate second round of probing into offshore accounts
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
ft.com
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
disclosure facility.’
Further Reading:
TV
stars and football manager targeted in offshore tax probe
Offshore
tax probe hits the buffers
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article