The taxman has swooped on Britain’s leading building societies and former mutuals as part of its clampdown on offshore accounts.
Nationwide building society confirmed last week that it is responding to inquiries from HM Revenue & Customs (HMRC) just a week after the taxman secured an order compelling 308 institutions to turn over details of all offshore account holders.
Tens of thousands of people have offshore accounts, many of them with former mutuals such as Alliance & Leicester and Bradford & Bingley International.
They often date back to the 1970s when it was common for British residents to salt away assets offshore to earn interest gross. Even so, the interest should still be declared on tax returns. Times Online read more….
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