TaxPersonal TaxHMRC prepares for more raids on offshore accounts

HMRC prepares for more raids on offshore accounts

Taxman calls in private banks and institutions as part of its tax evasion clampdown, with a mind to accessing more accounts held offshore on behalf of UK clients

hmrc building

The taxman has called in 170 financial institutions over its plans to examine
the details of their offshore account holders.

Following HM Revenue & Customs’ successful battle to gain access into the
accounts of the five high street banks, it is planning on extending its reach to
all financial management institutions.

The taxman received information during its offshore disclosure facility into
nearly 60,000 unpaid tax declarers, and is expecting to look into a similar
number who it believes should have made a disclosure.

Today’s meeting is expected to look into how far the other institutions would
cooperate in handing over client information.

Account holders who have disclosed have until 26 November to pay up.

HMRC is expected to begin prosecutions next year into tax evaders whose
information was discovered from the banks.

Further reading:

Offshore account tax disclosures
reach 60,000

Offshore accounts special: AA-TV
meets Dave Hartnett

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