HMRC's ongoing clampdown on tax evaders looks set to increase, according to Grant Thornton.
The accountancy and financial advisory company believes that the Revenue's pursuit of evaders using offshore bank accounts will increase as they move funds back to the UK to guarantee protection on savings up to £50,000.
This is likely to lead to a rise in retail banks issuing suspicious activity reports as they closely examine the movement of money by investors suspected of failing to comply with current tax legalisation.
A high-profile clampdown on those who did not disclose under last year's Offshore Disclosure Facility (ODF) seems more likely than ever, as HMRC seek to recoup lost tax and balance accounts during a difficult economic period, said Grant Thornton, adding that this year's Pre-Budget Report may give a clearer indication of the timescale of this clampdown.
The claims follow recent reports of HMRC plans to launch a new tax 'amnesty' for an estimated 70,000 people believed to be using offshore bank accounts to avoid paying the correct amount of tax.
The Revenue has, however, so far refused to publicly confirm any details of 'ODF II'. Last month, the department denied it was finding it necessary to hire expensive law firms to help deal with a backlog of litigation against suspected tax evaders.
Grant Thornton tax investigations director Gary Ashford said: 'The current problems in the global savings market may result in many high-net-worth individuals moving their funds back to the UK in a bid to seek the Government's protection.
He added: 'As time progresses HMRC will harden their approach. [The Revenue] is now stepping up its pursuit and is fully committed to commencing high-profile criminal prosecutions of taxpayers to act as a deterrent.
'That said, and given that HMRC is continuing to approach additional banks for details on their customers, I believe they will have to run some sort of ODF for those customers who they did not [previously] write to.'
