HMRC is cracking down on offshore accounts.

A matter of interest for all independent financial advisers (IFAs) is the
continuing crackdown by the British tax collection body HM Revenue and Customs (HMRC) on offshore accounts. On September 30th,
the Sunday Times reported that £100m has been paid in tax so far and the final
amount could reach £5bn.
Singapore and Dubai have not signed up to the European Savings Directive and
have attracted quite a bit of money so far. For example, the directive enables the HMRC to get details of a French bank account if a person lives in the
United Kingdom. The Sunday Times says the HMRC will be more agreeable if people come to the Revenue first but the tax body reserves the right to prosecute in serious cases. Most British offshore accounts are located in the Isle of Man, Guernsey and Jersey. It is estimated that 3m people have offshore accounts.