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
Articles from this Author
1st November, 2018
Budget 2018 - Changes for businesses
22nd October, 2018
Making the most out of your home? Rent a room relief
3rd May, 2018
Tax changes for non-resident corporate landlords
4th April, 2018
EMI options - a current risk
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole