Banks fail to restrict Offshore Disclosure Orders

September 27th, 2009

Two financial Institutions have failed in their appeals to the Tribunal in an attempt to get production notices quashed.  They will now have to produce the information sought by HMRC in respect of UK residents with offshore accounts and assets held through their offshore subsidiaries and related enterprises.  One of the institutions revealed at the appeal hearing that it would have to pass details of 3,600 UK citizens with offshore accounts in the Isle of Man to the taxman.  It is not yet known if any of the other 306 institutions ordered to open up their offshore books will also appeal.  But this setback makes a successful appeal by another bank less likely.  No doubt the tax investigators runing the New Disclosure Opportunity will be rubbing their hands with glee at this early win.

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