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Offshore Funds

Volume 476: debated on Thursday 22 May 2008

To ask the Chancellor of the Exchequer how many offshore accounts have been declared under HM Revenue and Customs' amnesty; how much additional revenue has been collected as a result of the amnesty; whether foreign owned UK banks have been included in the disclosures; and whether offshore subsidiaries of UK banks have been included in the disclosures. (206693)

HMRC is considering the information provided by over 44,000 taxpayers who took the opportunity to put their tax affairs in order under the recent offshore disclosure facility. The disclosures totalled over £400 million and included details of over 65,000 offshore accounts.

The facility was not an amnesty as taxpayers were required to pay the full tax due (not just the tax linked to an offshore account) plus interest and, except in the very smallest cases, a penalty of a set 10 per cent. of the tax.

Taxpayers were not asked for details of their accounts held at UK banks (whether foreign owned or not) but were required to declare outstanding tax due from all sources.

Accounts with both offshore subsidiaries and offshore branches of UK banks have been included in disclosures received by HMRC.