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UK government wins right to view offshore bank accounts

As we mentioned yesterday, the UK government has been attempting to force 300 foreign banks, with branches in the UK, to disclose offshore bank details with regards to over 500,000 UK citizens. While there has been some debate as to whether access should be provided and ultimately whether the court would rule in favour of the UK authorities, HM Revenue and Customs has been successful in its attempt to break the offshore tax havens.

Slowly but surely the UK government has been breaking down the attractions of various tax havens around the world with agreements to share data and to share bank account details. This particular move will see details of accounts from areas such as the Channel Islands, British Virgin Islands and other well-known tax havens around the world released to the UK authorities. HM Revenue and Customs believes that upwards of £500 million in unpaid taxes is associated with these accounts and while they will be chasing for overdue tax to be paid there are plans for an amnesty to allow people to come forward under their own volition.

It may take some time for the authorities to obtain the details of the various accounts held overseas but there is no doubt that the taxman is on your trail if you have money in overseas accounts which have not been declared.

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