Hundreds of individuals with money invested offshore have caved in to government pressure and have voluntarily disclosed details of those investments to HM Revenue & Customs.

The disclosures follow advice from accountants and lawyers for investors to “come clean” about money held in offshore bank accounts in the light of a landmark decision by a Revenue tax tribunal earlier this month. The ruling, which forced Barclays to hand over details of customers’ overseas accounts, is expected to have huge ramifications for anyone who holds cash offshore.