Magazine article Public Finance

Offshore Bank Records Opened Up to Revenue

Magazine article Public Finance

Offshore Bank Records Opened Up to Revenue

Article excerpt

Revenue & Customs officials have won an important legal battle that ensures British banks must hand over details about offshore customers to tax collectors.

A landmark legal ruling by special commissioner John Avery Jones means that Barclays, one of Britain's largest banks, must hand over details of UK-domiciled customers who hold offshore accounts, such as those based in the Channel Islands.

Such data are expected to give indications of customers who have not paid tax on the interest earned on their accounts, Revenue sources said.

But the commissioner's ruling, announced on May H, is likely to extend far beyond Barclays to other banking organisations and could yield billions of pounds in revenue due to the Excheguer.

Barclays said the ruling was 'very much an industry [wide] issue' and claimed that Other institutions have been approached' by Revenue and Customs. …

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