Home >UK tax other > Administration and enforcement > Banks to disclose details of offshore accounts >
Help | Search search
UK Tax Library
icon Budget
icon Consultation
icon Expatriate
icon International
icon UK corporate
icon Case law
icon UK employment
icon UK indirect duties
icon UK tax other
icon Weekly updates
icon Archive 2005 - 2008
UK tax news service

HM Revenue and Customs information

Banks to disclose all offshore account information to HMRC
The Tax Chamber of the First-tier Tribunal have today ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts.

HMRC can now issue the information notices to banks ahead of the New Disclosure Opportunity (NDO). The NDO will allow people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate.
HMRC will use this information to ensure everyone pays the right tax and to check that NDO disclosures are complete.
Under the rules of the NDO, people who make a complete and accurate disclosure will qualify for a 10% penalty. Those who choose not to take this opportunity and are subsequently found to have undeclared tax liabilities are likely to face a 30% or higher penalty and also run an increased risk of criminal prosecution.
The Right Honourable Stephen Timms MP, Financial Secretary to the Treasury said:
"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."
Dave Hartnett, HMRC Permanent Secretary for Tax, said:
“I know there are people who regret not taking advantage of our Offshore Disclosure Facility (ODF) in 2007 which focused primarily on the customers of five large banks. Today 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.”
12 August 2009
Source: HMRC – Reproduced under the terms of the Click-Use License.
Ernst & Young LLP:

This publication is intended for general guidance only. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young LLP accepts no responsibility for loss arising from any action taken or not taken by anyone using this publication.

The United Kingdom firm of Ernst & Young LLP is a limited liability partnership and a member of Ernst & Young International. It is authorised by the Institute of Chartered Accountants in England and Wales to carry on investment business and is registered in England and Wales with registered number OC300001. A list of members’ names is available for inspection at 1 More London Place, London SE1 2AF, the firm’s principal place of business and registered office.
Advanced Search
Click below to undertake a more in-depth advanced search

Advance Search