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Offshore accounts come under renewed scrutiny

06/06/2007  11:12:38

 


 

The director general of HM Revenues & Customs (HRMC), Dave Hartnett, said the investigation into UK offshore bank accounts would leave no stone unturned.

Speaking to the Financial Times, he said that in understanding the offshore accounts of British taxpayers, HRMC would be looking further afield than just the five high street banks and would be auditing all 550 banks in the UK.

He commented: "It is very important to have a level playing field. We are not going to roll up our tent and go away."

Although HSBC, HBOS, RBS, Lloyds TSB and Barclays have all already contributed details of around 400,000 offshore bank accounts with around £1.75 billion of unpaid tax evident, HRMC says there is still more to come.

Mr Hartnett said: "We are uncovering new offshore bank accounts all the time.

"We have opened up discussions with the British Bankers Association and we have met other banks both individually and in groups."

Despite the increased vigour to unearth offshore bank account records, he added that the structure of some of these institutions could make transparency difficult at times.

Given that half the banks on the Isle of Man are subsidiaries this would place them outside of the HRMCs remit, he added.

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Offshore Companies

Information on offshore companies and offshore corporate structuring is available on several sections of this site. Incorporation and company law information is available in the offshore companies section. Specific information can be found on the relevant jurisdiction page. Further information is available on our excellent Tax Cafe publications. Related topical news stories can be found on this page.

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