New Disclosure Opportunity: Tax Amnesty: What information do HMRC have regarding offshore bank accounts?  

During the last tax amnesty HMRC were reported to have received information relating to approximately 100,000 people from 5 banks (RBS, HBOS, HSBC, Barclays and Lloyds). The tax amnesty (offshore disclosure initiative) resulted in over 40,000 people making disclosures and a reported yield from the tax amnesty of £400 million.

HMRC still have this information and over the period between the last tax amnesty (the offshore disclosure initiative) and the new tax amnesty (new disclosure opportunity) there has not been much evidence that it has been used in tax investigation cases.

However, HMRC considered the last tax amnesty to be a success and thus have worked towards the New Disclosure Opportunity.

The last tax amnesty was offered primarily as HMRC had been successful in forcing the 5 banks to provide the details using their information powers. As far as HMRC were concerned this set a precedent for requesting the information from other banks using their information powers. It has been reported on HMRC's website that they have now sent information notices to a further 300 banks. They are expecting that this will provide at least as much information as they received for the first tax amnesty.

It is not know what information they have requested but the first tax amnesty involved requesting one bank statement for each year for each account held for a 6 year period. It is likely that HMRC will have asked for information such as this in the information requests to the latest 300 banks.

HMRC are hoping that the New Disclosure Opportunity will bring in considerable funds and that it will be as successful as the last tax amnesty.

How can Gilbert Tax help me?

Gilbert Tax specialise in helping people who have committed a tax fraud or tax evasion and who need help disclosing this to the Inland Revenue in such a way as to minimise their liabilities as far as possible.

Gilbert Tax helped hundreds of people through the perils and pitfalls of the last tax amnesty. For further information about how we can help you in the current tax amnesty (new disclosure opportunity) call us for a confidential free discussion on 0800 734 3333 or e-mail scott.gilbert@gilberttax.co.uk now

Gilbert Tax:

• Are non- judgemental.
• Rigorously defend your position within the scope and parameters of the law.
• Take control of the investigation.
• Focus on working towards the most cost effective and efficient way to achieve the closure of the tax investigation.
• Encourage you to concentrate on your business and leave dealing with the Inland Revenue to us.
• Pride ourselves on caring vehemently about our clients and that they are treated justly and fairly within the scope of the law

Between the 6 partners and 2 members of staff Gilbert Tax has over 90 years' experience of tax investigations from both working for HMRC and spending significant time in top accountancy firms tax investigation teams defending businesses subject to Inland Revenue Investigations. Gilbert Tax offer a unique blend of relevant experience at affordable prices.

For a private discussion about how we can resolve your tax investigation and potentially save you money contact us at any time using the detail below. Our initial discussion will be undertaken without charge. Although based in the North of England we have clients all over the country

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