Regulations out on cross-border tax evasion
The Inland Revenue has taken a step forward in its fight against cross-border tax evasion by publishing draft regulations on the implementation of the European Directive on the taxation of savings.
Link: Brown takes tough stance on EC tax reforms
Businesses and public bodies that make savings income payments to people living overseas or collect savings income payments for them, will have to report details on the individuals and the payments made to the Inland Revenue.
It claims businesses affected include banks, building societies, open-ended investment companies, lawyers and stockbrokers. The consultation period lasts until 28 November.
The European Commission is seeking to end tax evasion through secret accounts both within the EU and in countries like Switzerland and the US that could attract deposits from EU citizens.