Banks forced to disclose offshore account details

HMRC can issue the information notices to banks ahead of the New Disclosure Opportunity (NDO) designed to allow Brits with unpaid taxes linked to offshore accounts to settle their liabilities at a penalty rate. The revenue will use the information to ensure individuals pay the right tax and to check NDO disclosures are complete. Under NDO rules, individuals who make an accurate and complete disclosure will qualify for a 10% penalty. However, those who pass off the opportunity and are found to owe tax are likely to face a penalty of 30% or more and risk facing prosecution. The Tax C...