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Representatives of more than 150 banks, wealth managers and stockbrokers gathered at HM Revenue and Customs (HMRC) headquarters at Whitehall this week to hear government plans on a major crackdown on tax evasion.
Tens of thousands of people with funds held in offshore bank accounts are under investigation and many could face criminal prosecution next year as part of the overhaul.
HMRC plans to raise revenue from an estimated 400,000 offshore bank accounts held in British citizens names.
HMRC declared a partial amnesty between April and June this year, which aimed to encourage voluntary disclosure of offshore assets by a reduced penalty of ten per cent and so far, only 55,000 taxpayers have responded.
Outside the amnesty, penalties of up to 100 per cent of undeclared tax can be imposed, as can jail sentences where there is proof of deliberate deception.
UK residents are legally obliged to declare income and gains irrespective of where they arise and recent EU and British legal rulings have also put the onus on banks and financial institutions to inform their EU customers assets to the relevant tax authorities.
A spokesman for HMRC told the Telegraph that he was pleased with the response to the amnesty because it meant only about 45,000 offshore bank accounts remained undisclosed.
He added: "In obtaining statutory notices requiring banks to make details of offshore account holders available, HMRC has made a significant development in tackling and deterring tax evasion."
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