HMRC powers to track evaders extend offshore and onshore

As HMRC is given more powers to target errant taxpayers, anyone with offshore accounts needs to ensure they are fully tax compliant, and now is the last chance to take advantage of the Leichtenstein Disclosure Facility before a robust new penalty regime comes into force, warns Fiona Fernie, partner (non-lawyer) at Pinsent Masons LLP

Measures to be introduced over the coming months will give HMRC a significant number of extra powers to fight tax evasion and avoidance. The Chancellor has also announced a £750m investment in HMRC which will provide the resources to maximise the benefit from the new powers.

The landscape is set to become increasingly hostile for individuals evading UK tax by hiding assets offshore. Automatic exchange of information (AEOI) between tax authorities under the Common Reporting Standard (CRS), the US Foreign Account Tax Compliance Act (FATCA) and the UK’s agreements with the Crown dependencies will give HMRC access to an unprecedented amount of information about UK residents with offshore accounts.

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