Revenue 'ramps up the pressure' on offshore accounts

(27/05/09)

HM Revenue & Customs (HMRC) is seeking a blanket order that would force all banks to disclose details of customers with offshore accounts, according to recent reports.

UK Chancellor Alistair Darling confirmed in the 2009 Budget that a New Disclosure Opportunity (NDO) would be made available for holders of offshore accounts, which will run until March 2010.

The facility will allow tens of thousands of taxpayers the opportunity to disclose unpaid tax or duties and to settle their debts.

HMRC also confirmed that it would be seeking to issue notices requiring financial institutions to provide information about offshore account holders. A blanket order would place a legal obligation on financial institutions to supply details of all offshore account holders, removing the need for HMRC to make individual orders to hundreds of institutions.