The UK government has sent 500 letters to holders of offshore bank accounts reminding them that inco...
The UK government has sent 500 letters to holders of offshore bank accounts reminding them that income from interest needs to be declared by those resident and domiciled in the country, and giving them a month to explain themselves if they are not paying tax. This may be the first result of the European Union Savings Tax Directive providing governments with information on overseas bank accounts, but HM Revenue and Customs (HMRC) refused to say where they get account details from. "We use multiple sources to obtain information," said the HMRC. The HMRC said the letters are part of its inve...
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