Tax & Accounting News

HMRC gain access to more offshore account details

02/02/2007

Following their success in a case involving customers of Barclays Bank last year, HM Revenue and Customs have now been granted access to details of offshore bank accounts held by customers of HBOS, HSBC, Lloyds TSB and Royal Bank of Scotland.

It is believed that large amounts of deposit interest may not have been declared in tax returns of UK-domiciled indviduals. Investors face income tax liabilities on undeclared interest for up to 20 years, plus interest and penalties.

It is expected that HMRC will soon offer holders of any offshore accounts a limited period in which to make a full disclosure and pay any tax due, in return for which a reduced penalty (perhaps 10% of the maximum) would be charged.

Please contact us if you require advice on this matter, including how best to proceed.

 

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