Andrew Watt Director of Tax Investigations Chiltern plc discusses HMRC's Offshore Disclosure Facility
The answer according to HMRC is when it's an 'Offshore Disclosure Facility'.
As has already been widely reported HMRC has been successful in using Taxes Management Act 1970 s 20(3) to obtain from five of the UK's high street banks details of customers — individual and corporate — with an address in the UK and an offshore bank account. Over the forthcoming months possibly years HMRC will serve similar notices on all banks in the UK which have an offshore presence. And faced with the prospect of receiving a million or so items of information as a result of this trawl HMRC has had to devise a system to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Andrew Watt Director of Tax Investigations Chiltern plc discusses HMRC's Offshore Disclosure Facility
The answer according to HMRC is when it's an 'Offshore Disclosure Facility'.
As has already been widely reported HMRC has been successful in using Taxes Management Act 1970 s 20(3) to obtain from five of the UK's high street banks details of customers — individual and corporate — with an address in the UK and an offshore bank account. Over the forthcoming months possibly years HMRC will serve similar notices on all banks in the UK which have an offshore presence. And faced with the prospect of receiving a million or so items of information as a result of this trawl HMRC has had to devise a system to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
