Banks reveal offshore company and trust details to HMRC

HMRC’s tax ‘amnesty’ is wider-ranging than previously believed, with banks
providing the taxman details of accounts held by offshore companies and trusts
with a connection to UK individuals, warns PKF.

tax investigations partner John Cassidy said the firm had come across
instances of banks supplying account details for offshore companies and trusts,
which is a wider provision of information than expected, and individuals will be
liable for penalties if tax evasion can be proved.

‘It has quickly become apparent that the banks’ provision of in formation is
much wider than most people expected; bank letters we have seen clearly show
that they have supplied details of company bank accounts,’ said Cassidy.

‘Anyone who thinks their funds are still secret because they used an offshore
company or trust might be in for a nasty surprise.’

could be hindered by the amount of information it will be provided with on
trusts and companies, most of which will be useless to the taxman.

‘However, HMRC must have considered this and still believes it is worth while
to go after company and trust cases,’ said Cassidy.

HMRC’s tax amnesty, known as the
disclosure facility
, is also effective for onshore tax evasion
disclosures before the 22 June cutoff date.

Tax and interest for up to 20 years of disclosure will have to be paid, along
with a 10% penalty, under the terms of the offshore disclosure facility.

Further reading:

Amnesty will apply onshore

HMRC reveals tax ‘amnesty’

Hit squads ‘will move in after amnesty’

Related reading