HMRC offshore crackdown prompts tax advice warning

The move is part of the Revenue’s drive to prevent offshore tax avoidance and the investigation has already seen the major high street banks hand over details of their offshore customers. Private banks are being asked to cooperate with the Revenue, after a legal ruling forced high street banks to reveal details of customers with accounts in areas such as the Isle of Man, Jersey and Guernsey. In response to the Revenue’s request, the Isle of Man Government has advised clients to seek professional tax advice and to become fully aware of their tax position. A spokesman for Isle of Man Finan...