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The theoretical and practical implications of the leaked information from the Panama papers.
KEY POINTS
- The ability to deal with queries on the Panamanian disclosures should benefit the professional relationship between adviser and client.
- The non-co-operation of tax havens harms the reputation of those who use them for genuine commercial reasons.
- What used to be acceptable planning may not be several years later.
- The implied protection of private information from misuse or unauthorised disclosure.
- HMRC’s use of the leaked data will probably depend on the client’s compliance history.
The International Consortium of Investigative Journalists (ICIJ) intends to publish the Panama papers client list by the end of April 2016. The 214 488 individuals and corporate entities that have used Panama holding structures will be in the public domain and the UK entities are already apparently presumed to be tax villains for the sole...
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