BERMUDA AND MONTSERRAT are the latest overseas territories to sign up to tax information-sharing arrangements with the UK.
They join the Cayman Islands, the Isle of Man, Jersey and Guernsey in agreeing to automatically supply HM Revenue & Customs with additional information, with data relating to companies and trusts to be shared after 2016.
On the current timetable, UK residents with assets concealed on the island will have until September 2016 to disclose details to the taxman and pay any tax owed to the HMRC, as well as a fine between 10% and 20%. While in most cases, the deal will see evaders escape prosecution, HMRC offers no guarantees.
Chancellor George Osborne said on Twitter the move represents “another step in our efforts to clamp down on tax evasion”.
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Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,