100,000 offshore tax accounts targeted

HM Revenue & Customs (HMRC) is going to investigate a minimum of 100,000 people in Britain and Northern Ireland who have not disclosed off-shore bank accounts.

HMRC had given every taxpayer the chance to disclose their offshore accounts with impunity up until June 22nd this year, but more than 100,000 people did not take the opportunity to make their accounts legitimate, Accountancy Age reports.

This number comes as quite a surprise as experts had estimated that of the 400,000 account holders whom the amnesty was aimed at, around 100,000 probably owed tax.; yet only 60,000 made disclosures within the time frame allowed.

A source at HMRC claimed that the body was sending out 3,500 enquiry letters per week informing taxpayers who had failed to make disclosures that they may owe the taxman for their off-shore bank account earnings.
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The source said: "We are going to open enquiries into all those who did not come forward. Some cases will be straight forward and others will be more complicated, but we are going to pursue all those who we feel should have disclosed off-shore bank accounts."

However, the insider denied reports that any raids had been carried out regarding offshore bank accounts.

In the meantime, people who are unsure of their tax obligations should visit their solicitors to avoid getting into trouble with the taxman.

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