Taxman stamps down on offshore accounts

The taxman is stepping up his clampdown on offshore bank accounts held by UK-based individuals.

HM Revenue & Customs has used its information powers to force banks to disclose details of offshore accounts operated by thousands of customers.

The clampdown focuses on individuals who have transferred funds offshore, bypassing their UK bank accounts.

These transfers are often made via sundry parties' accounts which means the existence of an offshore account can never be discovered via a customer's UK account.

Richard Foster, senior tax manager at KPMG in Cambridge said: "Anyone with offshore bank accounts should be reviewing them now to make sure they are compliant.

"This will provide reassurance to the compliant and an opportunity for voluntary disclosure to the non-compliant in order to minimise any tax penalties."

CEN Business : Your Money : Taxman stamps down on offshore accounts