More than 300 UK and overseas banks have been ordered to give details of British customers with offshore bank accounts to HM Revenue and Customs (HMRC ).
The ruling, made by the Tax Chamber, comes ahead of the New Disclosure Opportunity (NDO), which offers offshore account holders a final chance to come clean over their affairs in exchange for a fixed penalty rate of 10 per cent on any unpaid tax .
UK clients who do not take advantage of the NDO and are found to have undisclosed tax liabilities will face penalties of 30 per cent to 100 per cent of the amount they owe and an increased risk of criminal prosecution .
The NDO gets underway next month and will run until the 12 March 2010.
Dave Hartnett, Permanent Secretary for Tax at HMRC, said: "We have successfully applied to get information on the offshore accounts and assets of customers of over 300 further banks ."
"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," he added.
Treasury minister Stephen Timms welcomed the ruling, saying: "It is wrong that some people evade paying their fair share of tax by hiding assets in offshore accounts ."
"Today's ruling represents real progress in creating a level playing field for all taxpayers ."
The move follows a breakthrough agreement between the UK government and Liechtenstein to flush out around 5,000 UK taxpayers who are thought to have between £2bn and £3bn hidden in bank accounts and trusts in the Alpine tax-haven.
Banks Forced To Disclose Details Of Offshore Accounts
Financial Services > e-banking > Banking news
Banks Forced To Disclose Details Of Offshore Accounts
Mon, 17 Aug 2009
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