The UK Inland Revenue is likely to demand information on offshore bank accounts from at least another 30 banks that offer both offshore and ...

The UK Inland Revenue is likely to demand information on offshore bank accounts from at least another 30 banks that offer both offshore and UK accounts, according to a report in the Financial Times. The move follows the landmark legal ruling last week forcing Barclays to hand over information on customers’ offshore bank accounts. The accountancy firm PKF calculate that there could be £4 billion ($7.4 billion) in unpaid tax in these accounts, according to the report. Some three million Britons are thought to have offshore bank accounts. Estimates in the report say that as many as one in five offshore account holders are thought to have failed to pay the correct tax due. Many believe the move by the Revenue will have far-reaching consequences. “This is massive. In the coming months, the Revenue will receive details of just about everybody in the UK who holds an offshore bank account,” said John Cassidy, PKF tax investigations partner in the FT report. Separately, the Revenue is expected to announce in June how much money has been raised in the past year since the introduction of the European Union’s Savings Directive. Analysts believe the amount will be smaller than anticipated due to many loopholes.