TaxAdministrationOffshore credit cards under investigation

Offshore credit cards under investigation

Government demands credit records in latest tax evasion clampdown

HM Revenue & Customs is to force credit card companies to hand over
records in its latest crack down on tax evasion, it has been reported.

Link: Tax
advisers face stiff penalties from HMRC

The department has issued production orders on a number of credit card
issuers on off-shore accounts.

It suspects that UK-based customers are using their credit and debit cards on
accounts based in tax havens such as the Channel Islands, and are failing to
declare their earned interest and pay the appropriate amount of tax.

According to the Financial Times, HM Revenue & Customs, the newly merged
department of the former Inland Revenue and Customs and Excise, is examining up
to 30,000 records.

So far, it is focusing on 1,000 individuals with law firm DLA Piper Rudnick
Gray Cary, and claims that a number will be prosecuted.

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

4d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter