Offshore account holders to be unmasked

The fallout from three court cases reported recently will force three unidentified financial institutions to produce the identities and addresses of thousands of UK residents. However, it appears HMRC already knows the identity of over 9,000 clients at one institution with offshore accounts, according to Sue Holmes, head of national tax investigations at accountancy and financial service group, Smith & Williamson. It is also seeking information about offshore account holders from other UK financial institutions to catch tax offenders, she says. While estimates vary, HMRC claims around...