TaxCorporate TaxHMRC investigates advisers over offshore tax schemes

HMRC investigates advisers over offshore tax schemes

HMRC begins probe into more than 200 advisers, lawyers and accountants suspected of using offshore trusts to evade UK tax

HMRC investigates advisers over offshore tax schemes

HM REVENUE & CUSTOMS has begun a probe into more than 200 advisers, lawyers and accountants suspected of using offshore trusts to illegally evade UK tax.

The investigation covers offshore jurisdictions including Singapore, the British Virgin Islands, the Cayman Islands, and the Cook Islands, Accountancy Age’s sister publication IFAonline.co.uk reports. 

HMRC has acquired a cache of 400 gigabytes of data, which it will be investigating further in the hope of bringing charges against those involved.

“The message is simple: if you evade tax, we’re coming after you,” said Chancellor George Osborne.

“The government has invested hundreds of millions of pounds to fund the fight against tax evasion, both at home and abroad. This data is another weapon in HMRC’s arsenal.”

HMRC commissioner Jennie Granger said while there was nothing illegal about international tax structures, many involved tax evasion.

“What has to stop is using offshore structures to illegally hide assets and income,” she said.

 

Related Articles

Prosecutors call for tougher Luxleaks sentences

Accounting Firms Prosecutors call for tougher Luxleaks sentences

1y Richard Crump, Writer
CIoT urges HMRC to delay introduction of new corporate tax evasion offence

Corporate Tax CIoT urges HMRC to delay introduction of new corporate tax evasion offence

1y Richard Crump, Writer
Four jailed in £100m tax fraud film scam

Corporate Tax Four jailed in £100m tax fraud film scam

1y Fraser Simpson, Reporter
Queen's Speech: Millions of pension savings protected by new legislation

Administration Queen's Speech: Millions of pension savings protected by new legislation

1y Fraser Simpson, Reporter
Panama commits to share financial account information

Administration Panama commits to share financial account information

1y Richard Crump, Writer
Jump in serious tax evasion cases for HMRC

Corporate Tax Jump in serious tax evasion cases for HMRC

1y Fraser Simpson, Reporter
European inquiry into Panama Papers receives go-ahead

Administration European inquiry into Panama Papers receives go-ahead

1y Fraser Simpson, Reporter
Criminal tax evasion 'very problematic' for companies, claims CIoT

Corporate Tax Criminal tax evasion 'very problematic' for companies, claims CIoT

1y Fraser Simpson, Reporter