Britain wins access to offshore accounts

August 13th, 2009


LONDON – More than 300 banks will be forced to give British tax authorities details about customers holding offshore bank accounts following a ruling Wednesday.

The ruling by a tax tribunal clears the way for HM Revenue & Customs, the tax authority, to seek information from the banks as it offers Britons the chance to settle unpaid liabilities at a lower penalty rate of 10 percent.

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