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Tax Investigations Update

Stephen Camm and Andrew McKenna Partner and Senior Manager at PricewaterhouseCoopers LLP explore HMRC access to offshore bank accounts
In 2006 and 2007 HMRC obtained unprecedented access to more than 400 000 names of individuals and businesses with a UK address linked to an offshore bank account. This information included for the six years prior to the date of the notice annual account balances annual interest arising and details of account transactions for a different month in each of the six years.
HMRC has extensively compared that information to its internal tax return records systems and risk-assessed the potential for tax loss. The source of the information was the five major high street retail banking institutions in the UK. The information was obtained by a team of...

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