So are we to see a fresh assault on the "off shores" after a meeting called by UK Revenue and Customs with 170 banks, brokers and wealth managers.

The inference is, claims Tax and News.com that " it is preparing to unleash its investigative forces against the 400,000 holders of offshore accounts who have not declared income to the tax department".

The FT newspaper says " It intends to widen information-gathering about offshore accounts beyond the five high street banks - Barclays, HSBC, HBOS, Royal Bank of Scotland and Lloyds TSB - which recently lost legal battles to require them to divulge customers' overseas account details.

According to the Financial Times report "HMRC was expected to turn its attention to private banks and wealth managers, after it successfully forced the major UK high street banks including Barclays, HSBC, HBOS, Royal Bank of Scotland and Lloyds TSB to disclose details of their customers' offshore accounts".

It follows the attempt to " flush out many of the suspected holders of accounts with undeclared money in an amnesty earlier this year" has been far from the success HMRC had hoped. Something like 50 thousand of the estimated 400 thousand came quietly.

Nevertheless, HMRC has already selected many account holders for investigation, and the first prosecutions are likely to take place next year. Some tax experts are also expecting HMRC to sift its way through the entire pile of 400,000 accounts, even if it takes several years".


The FT article reads ". Banks caught up in the Revenue's latest crackdown on hidden offshore accounts have been assured they will not be forced to breach secrecy laws.

The commitment means individuals with undisclosed accounts in Switzerland and several other centres are likely to remain out of reach of the current assault on tax evasion.