Bad News!

Mon, 11 Aug 2008 18:49:54 +0200

Offshore account holders are going to be put under greater scrutiny in a bid to clamp down on tax evasion, according to accountant Grant Thornton.

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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