Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

hmrc data requests hit record high

By International Adviser, 22 Jul 13

The number of requests for data HMRC made to Crown Dependencies and Overseas Territories on possible tax evaders hit a record high last year as the Government cracked down heavily on offshore tax havens.

The number of requests for data HMRC made to Crown Dependencies and Overseas Territories on possible tax evaders hit a record high last year as the Government cracked down heavily on offshore tax havens.

According to Pinsent Masons, HM Revenue & Customs made 72 requests for financial data to significant offshore tax havens such as the Cayman Islands, Bermuda, and Jersey in the last year (ending 31 Dec 2012) regarding personal and business taxes – this is up by 26% on the 57 in 2011 and 32 in 2010.

The law firm says the figures show that HMRC is accelerating its assault on people sheltering money unlawfully from HMRC in the UK Crown Dependencies and Overseas Territories

Pinsent Masons director Reg Day, said: “This will send shivers down the spine of those individuals and business with any undisclosed assets in places like Bermuda and the Cayman Islands. HMRC is closing the net and will come down heavily on those not paying tax.”

The news comes as HMRC finalises new tax compliance information sharing arrangements with the Crown Dependencies and Overseas Territories.

The new rules will be closely modelled on the Foreign Accounts Tax Compliance Act – US legislation which sets out new reporting requirements for foreign financial institutions with accounts held by US national residents overseas.

In May, all Crown Dependencies and Overseas Territories with significant financial centres announced a commitment to tackle tax evasion with the aim of setting a new standard of international tax transparency.

Many offshore tax havens have also agreed to sign up to the Multilateral Convention on Mutual Assistance in Tax Matters – a data sharing initiative led by the OECD.

“Better co-ordination between HMRC and the Crown Dependencies and Overseas Territories will provide HMRC with much more of the information it needs to start enforcement action against individuals and businesses it suspects of tax evasion,” said Day.

Day pointed out that taxpayers can declare any offshore assets to HMRC via the Liechtenstein Disclosure Facility, a tax amnesty limiting the risk of criminal prosecution.
 

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • EU confirms insurance regulations delay

    Europe

    ESMA consultation closes on technical standards around ESG ratings activities

    Best Practice

    TISA welcomes spotlight on poor access to financial advice

  • Latest news

    Fog of UK IHT policy creating risks for non-doms & doms alike

    Asia

    Capital Group survey points to implications around “the Great Wealth Transfer”


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.