UK's campaign against offshore accounts begins

The decision of the UK government to send 500 letters warning of possible tax liabilities to holders of offshore bank accounts signals the start of an extended campaign, according to a London-based tax adviser. Paul Noble, tax adviser at consultancy Vantis, said that although the HM Revenue and Customs (HMRC) stated a failure to respond within 30 days to the letters did not guarantee an investigation, he added that this was a clear threat. The letters from the HMRC's Offshore Fraud Projects Team have asked receivers why there is no tax liability from their offshore bank account. Accordin...