HMRC has won another legal victory against offshore tax evasion. Four recently reported legal decision (details below), are to force four high street banks to hand over details of about 100,000 of their clients’ offshore bank accounts. It is believed that HMRC expect to recover £281m of unpaid tax, interest and penalties. The judgements make it clear that there is no allegation of wrong doing on the banks’ part; however it is a clear warning sign to taxpayers that if they have an undisclosed offshore bank account then they will be caught. It is therefore imperative that UK residents with undeclared foreign income go to the taxman voluntarily and ‘come clean’ if they want to avoid large penalties.

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