Offshore Accounts - HMRC Enquiries

April 17th 2008

Following the much hyped publicity concerning HM Revenue & Customs obtaining information in respect of offshore bank accounts, it has now transpired that enquiries have been opened into UK residents who have Liechtenstein accounts to establish if those accounts have been disclosed for UK tax purposes.

It is thought that HMRC believe that they hope to recoup in the region of £100m from the information they hold. However, if the offshore amnesty is anything to go by the actual amount recovered could be substantially less that this.