Can HM Revenue & Customs check your bank accounts and Paypal accounts?”
The simple fact is that banking secrecy is dead. Offshore banks are succumbing to international pressure and it is becoming standard practice for offshore banks to report suspicious accounts (eg, where the bank suspects that an account is not being declared) to the tax authorities. The CIA tracks payments in Europe through SWIFT and will pass information on to overseas authorities. Governments are taking increasingly concerted steps to crack down on tax evasion. Anyone needing to regularise their tax affairs, whether to avoid the most punitive penalties, or for peace of mind, or to prevent saddling their heirs with an illegal inheritance, needs to do so now before long it will be too late. An estimated $7 trillion is held offshore, with the Tax Justice Network calculating that developed countries lose around $180 billion a year in evaded taxes. Such behaviour will not be allowed to go on anymore. Tax collectors worldwide to co-operate in revenue-raising: At the April G20 Summit in Lond
