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UK revenue wins right to probe offshore

by isleofman.com 3rd May 2006
In what's been termed a landmark ruling, the UK Revenue and Customs has been given the go ahead to get details of offshore accounts from Barclays. According to the Financial Times, it means HMRC can now search records for information. They believe it could yield ?1.5 billion in undeclared tax. This latest ruling means that financial institutions have to hand over relevant details on their computers. A spokesman for Revenue and Customs, quoted by the Jersey Evening Post, says that those who have been declaring the existence of offshore accounts, as the law requires, have absolutely nothing to worry about.
Posted by isleofman.com
Wednesday 3rd, May 2006 03:23pm.

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