It emerged last week that four of the UK's high street banks will be compelled to hand over details of their customers' offshore accounts to HM Revenue and Customs.
The ruling in favour of the UK tax authority was delivered by the Finance and Tax Tribunals Special Commissioners, and is reported to pertain to offshore accounts held with HSBC, HBOS, Lloyds TSB, and Royal Bank of Scotland.
It is expected that HMRC will receive around GBP275 million in additional revenue from taxpayers with previously undeclared assets held overseas by the banks in question.
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