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.
Share this..
Related stories
Mervyn King Calls For Bank Compensation Scheme
It may be one of the more sensible ideas to come out of the Bank of England for some time but it seems likely that Mervyn King’s idea for a new banking sector funded compensation scheme will not go down well with the larger of the UK banks. Mervyn King used the British Bankers Association (BBA) conference to announce his plans which were not well received by those in attendance.
Experts disappointed by Chancellor's economic forecast
While yesterday Alistair Darling had one of the most difficult tasks in the Labour government there are many who believe he failed to grasp the seriousness of the UK economic downturn. His admission that the UK economy would fall by a further 3.5% this year was in line with many economic forecasts but his expected return to growth of 1.25% next year and 3.5% in 2011 is optimistic in the extreme ac...
Read MoreUK government lends £10 million for development of electric car
The UK government has finally paid out a tiny fraction of its £2.3 billion aid package for the car industry with a £10 million loan to Tata Motors to assist in the production of an electric car in the UK. The company will complement the UK government's £10 million loan with a £25 million investment of its own which is set to create hundreds of jobs over the coming years.
While i...
UK unions set for 1200 job losses at Vauxhall
Despite the fact that we covered this story earlier, regarding a face-to-face meeting between UK unions and Magna, the company which is set to acquire GM Europe, it would appear that Magna has already made up its mind regarding job cuts in the UK. Rumours circulating this evening suggest that up to 1200 jobs could be lost at the UK Vauxhall operation which would reduce the UK carmaker's workforce...
Read MoreWhy doing nothing can save you so much money
Even though society has changed dramatically over the last few years with the introduction of the Internet, the mobile phone and other devices which effectively allow us to communicate from a distance, there is still a substantial market in the restaurant arena and children's entertainment to name but a few. One thing that you can be sure of is that if you go away for a family day you will spend s...
Read More