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    No escape for offshore trading fraudsters – HMRC

    No escape for offshore trading fraudsters - HMRC

    Government moves on individuals trading shares through offshore companies

    Author Date published April 23, 2006 Categories

    Wealthy investors who traded shares through offshore companies have become
    the latest target for the government’s crackdown on offshore fraud.

    The FT reported on Saturday that HMRC was investigating 70
    individuals with the aim of recouping about £35m in capital gains tax evaded.

    HMRC is asking an unnamed US investment bank to disclose details of its
    clients who live in the UK and who have been allegedly using it to conduct the
    transactions.

    The government has been very successful recently in attempts to recover tax
    lost to offshore fraud, successfully pursuing one high street bank for 75,000
    clients’ details earlier this year.

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