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HM Revenue & Customs has called a kick-off meeting to discuss the issue of tax evasion by investors who pursue offshore banking methods.
Offshore bank accounts give savvy investors preferential rates for their accounts and this weeks meeting will have over 170 banks, wealth managers and brokers in attendance.
An FT reports suggests that HMRC is looking to focus on Britons who hold money in offshore bank accounts following its recent crackdown on five UK high street banks.
In the process, HMRC looked through more than 400,000 accounts in order to discover any tax discrepancies.
At Tuesdays meeting, banks will be asked to complete a questionnaire giving advice on the best way to proceed in the matter and specifically how feasible it is for them to hand over confidential customer banking details.
Jeanette Harwood, Walker Morris partner, told the paper: "Across the banking and investment sector, there is a recognition that if the Revenue can use its powers successfully against Barclays, they can use them against everyone else."
HMRC has broached the issue of partial amnesty but has said it would still reserve the right to prosecute in the event of evidence of serious tax evasion.
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