HMRC is set to work with tax authorities across the world to gain access to offshore accounts, while it has launched a probe into account holders by obtaining details from 25 foreign banks. The clampdown comes after HMRC netted £400m last year after an offshore disclosure initiative.
Gary Ashford, a tax investigations director at Grant Thornton, said HMRC would use any means possible to get information on offshore accounts. "It is getting to a point that those with money held offshore, whether acting rightly or wrongly, are likely to feel some heat from HMRC."
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