Offshore enquiries widened
The BBC reports that HMRC is to expand its enquiries into offshore accounts beyond the High Street banks. Many people received letters this summer explaining that their bank had given details of customers with offshore accounts to HMRC and this process has led to the so-called amnesty which was set up for people to come forward before 22 June 2007.
It now appears that HMRC has turned its attention to other private banks and investment houses. If you receive a letter from your bank and/or HMRC about this and you have any reason to be concerned please contact us for further advice.
In the majority of cases there will be nothing to report because the account holder may be taxable only when funds are brought to the UK.
