HMRC takes stand against tax evasion

HM Revenue & Customers (HMRC) is targeting UK banks with offshore subsidiaries in its fight against tax evasion, following the implementation of the EU Savings Directive. Jeanette Harwood, head of the regulatory group at law firm Walker Morris, said the first UK clearing bank to be impacted by this move was Barclays Bank, which has until 24 June to disclose details of its customers with UK addresses and non-UK bank accounts to the Revenue. In the landmark tribunal case, Special Commissioner John Avery Jones ruled Barclays had to disclose customers' details from its offshore base in the...