In inquiries expected to take up to three years, the first of about 300
wealthy Britons, who have stashed away about £1bn in secret Lichtenstein
accounts, have been contacted by
HM Revenue & Customs
(HMRC) which threaten to prosecute those who have lied about their assets in
Separately, the next phase of HMRC’s investigation into offshore account
holders is expected to be launched over the next few months, seeking legal
notices requiring an initial 25 foreign banks to reveal information about
clients with offshore accounts, the Financial Times reports.
Since the Liechtenstein tax evasion scandal was revealed last February,
investigators have received more information from the former employee of LGT,
the bank controlled by the principality’s ruling family, who sold internal bank
details to German and other tax authorities.
The revelations were examined in a US Senate subcommittee report last week,
which concluded that the ‘murky operations’ of banks such as LGT helped US
taxpayers evade an estimated $100bn of taxes each year.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year