UK Tax Ruling Makes Banks Show Offshore Details

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00012263-uk-tax-ruling-makes-banks-show-offshore-d/

The U.S. isn?t the only country tightening up its banking regulations, according to a Reuters?s story running today. The U.K. is also clamping down, requiring banks to hand over details of their customers? offshore accounts.

The new ruling, handed down by Her Majesty?s Revenue & Customs (HMRC), could potentially bring in Â£1.5 billion (US$2.8 billion) in unpaid taxes.

HMRC?s objective in passing this strict new rule is to ensure that monies located offshore by U.K. residents are lawfully taxed. “The Special Commissioner’s ruling is a landmark decision. The action is about fairness and about creating a level playing field for all taxpayers,” HMRC said in a statement.

You can read more about this story at UK tax ruling makes banks show offshore details.