GOVERNMENT LIAISON DETAIL

GOVERNMENT LIAISON DETAIL

This page last updated 08/05/2007

	Detail
08/05/2007	UK TAX MAN TARGETS OFFSHORE ACCOUNTS

Barclays Bank in the UK is writing to tens of thousands of customers with offshore savings accounts warning them that their details are being given to the tax man. The bank has been ordered to hand over information about UK residents with accounts held in Jersey, İsle of Man, Guernsey, Gibraltar, Cyprus and the İrish Republic.

The Revenue this month announced an amnesty for investors with money in offshore accounts. They have until June 22 to declare unpaid tax and interest. A further five months is allowed for payment. People making such a declaration will face a maximum penalty of 10% of outstanding tax earned on offshore savings accounts or income generated from an interest in offshore trusts or companies in addition to any tax due.

The details to be declared by Barclays and other Banks involved include names and addresses of account holders the opening and closing balances of offshore accounts and lists of transactions from February 2000 to August 2004.

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