HMRC: bank account access will boost amnesty

The taxman has won access to the offshore accounts of UK citizens from 300
banks, and will use the information to match it up against those that reveal
information during the latest tax amnesty.

The Tax Chamber of the First-tier
ordered the banks to make the information available. The decision
is another boost to HM Revenue & Customs, which agreed a tax information
exchange agreement with Liechtenstein this week.

Because of the chamber’s decision, HMRC will be able issue information
notices to the banks ahead of the second tax amnesty – information they will use
to compare against those people that disclose their details voluntarily.

‘I urge any of them who have unpaid tax liabilities connected to these
accounts now or in the past to come forward and make a full disclosure during
the NDO because we will use the information provided by the 300 banks to pursue
those people who continue to flout the UK’s tax laws,’ said HMRC permanent
secretary for tax Dave Hartnett.

‘I know there are people who regret not taking advantage of our
Disclosure Facility
(ODF) in 2007 which focused primarily on the customers
of five large banks. Today we have successfully applied to get information on
the offshore accounts and assets of customers of over 300 further banks.’

Further reading:

HMRC to blow overseas accounts wide open
after Schedule 36 win

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