The names and bank details of up to 500,000 wealthy Britons holding money in offshore saving accounts will be passed to HM Revenue and Customs after the tax authority won an important court ruling yesterday.
The Special Commissioners, the UK’s top tax court, ordered more than 300 UK and foreign banks to hand over details of an estimated 500,000 British taxpayers with accounts in the Channel Islands, British Virgin Islands and other tax havens. The ruling is an important boost for HMRC, which believes the details will allow it to recover £500 million over four years.
Read more in The Times Online.