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More powers for HMRC

It appears that from January 2016 HMRC will have access to details of international (ie overseas) bank accounts held by people resident in the UK. An OECD initiative, the “common reporting standard”, will provide for the automatic exchange of information cross-border. Apparently, financial institutions in Switzerland, the Cayman Islands and Jersey will be required to pass to HMRC information on bank accounts and trusts held by UK taxpayers.

Anyone who has evaded tax and not disclosed offshore assets could face criminal fraud tax investigations.  HMRC has stated: “The world is becoming a much smaller place for those who want to hide themselves and their assets behind anonymous corporate structures.”

 

 

Date: 11th February, 2015
Author: Cathy Corns

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