CHANNEL Island firms are likely to be targeted as part of renewed efforts by the UK Inland Revenue to clamp down on tax dodgers, say accountants.
The IR’s Financial Institutions Project Group, set up last year, is to be given the power to use UK banks and finance firms to gain access to funds held offshore, according to PricewaterhouseCoopers.
They are advising clients to ‘consider carefully’ any requests for customer information from the UK, as providing unnecessary information - albeit inadvertently - could lead to a breach of client confidentiality, as the information would be accessible to the Inland Revenue.
Data from other sources, such as suspense accounts or banker’s drafts passed between institutions, will also be open to investigation by the Inland Revenue.
Article posted on 13th July, 2004 - 12.00am
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