Monaco may be next on HMRC's tax hitlist

Where will HM Revenue & Customs cast its net next as it looks to dredge up information about offshore accounts?

After the Liechtenstein disclosure facility, the smart money is on the taxman striking another disclosure facility for undeclared offshore account holders with money in the super rich playground of Monaco.

"It could very well be Monaco, because it is another European-based territory with a lot of money tied up there," according to one head of tax investigations at a leading firm.

However, the adviser community has also hinted the taxman could be looking even further afield to such faraway climes as Belize, as it looks to inject much-needed funds into its coffers.

The hedge fund destinations of choice, the British Virgin Islands or the Caymans, have also been touted and, if so, would such a move have the added bonus of smoking out Ponzi schemes?

The shockwaves from Bernard Madoff's activities are still being felt across the globe, so any move which would help the taxman uncover or even prevent similar frauds would be invaluable.

HMRC has said this will be the last chance for those with undeclared income in offshore centres to come clean, but there seems to be some room for manoeuvre.

The taxman has hinted there may be further opportunities for those whose accounts are with overseas banks that do not have a UK presence, and therefore the taxman has no information powers over them. Talks are continuing with the tax havens in which these accounts are based.

Read More:

Taxman uses YouTube to issue warning