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
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.
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