Countries Share Offshore Bank Account Information

51 countries have signed up to an agreement to share information about the details of individuals who hold offshore bank accounts.

The agreement has been formed to encourage transparency in global banking and to assist in the clamp down on tax avoidance. The OECD has coordinated the agreement in an attempt to develop consistency across financial institutions. It is also reported that there will be an additional 34 nations on board by 2018.

The move is welcomed by HMRC as it will assist in gathering more information about British individuals who hold bank accounts and assets overseas. With the UK tax deficit estimated at £34bn, HMRC has a challenge on its hands to reduce this figure.

There are already a number of agreements in place within the EU for example, the UK Swiss Tax Cooperation Agreement, which was established in 2005. The US has the Foreign Account Tax Compliance Act (FATCA) in place to target American individuals with offshore assets.

The UK, Jersey, Guernsey and Isle of Man have all signed up to the agreement. For individuals who hold assets or bank accounts in Jersey, Guernsey or the Isle of Man we can assist through the following disclosure mechanisms:

• Jersey Disclosure Facility
• Guernsey Disclosure Facility
• Isle of Man Disclosure Facility

HMRC has opened a number of disclosure facilities to encourage individuals to make a voluntary disclosure. The Liechtenstein Disclosure Facility (LDF) was one of the first established and offers favourable terms to those that come clean before HMRC opens a full investigation into the alleged tax avoidance.

For information and advice about making a voluntary disclosure to HMRC you talk to our team in complete confidence. Call us on 0113 387 5670 or fill out an Enquiry Form and we will get back to you.