HMRC v Financial Institutions

Gary Ashford

Gary Ashford senior tax manager Grant Thornton discusses some implications resulting from the SpCs' decision requiring a financial institution to give details of UK customers with offshore accounts to HMRC

UK residents with assets overseas will come under increased scrutiny from HMRC after a landmark decision from the Special Commissioners.

Special Commissioners' Decisions

On 5 December 2005 details of Special Commissioners' decision SpC 517 were released. The anonymised decision HMRC v Financial Institution was given on 28 November 2005 and related to an application by HMRC's Offshore Fraud Projects Group (Special Civil Investigations (SCI) Liverpool) to serve a Taxes Management Act 1970 s 20(8A) notice on a financial institution in respect of customers...

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