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Issue:
4875
/
Categories:
Comment & Analysis
, disclosure
, HMRC investigations
, offshore
, offshore evasion
, register of overseas entities
, Compliance
, Investments
, Land & property
Evolving approach
Key points
- HMRC is taking steps to make offshore tax easier to understand.
- The register of overseas entities requires offshore entities that own land in the UK to register with Companies House and disclose information about their beneficial owners.
- HMRC is working with Companies House to ensure data is sent to HMRC and is integrated into the risk assessment processes.
- If a client has undisclosed liabilities and needs to bring their UK tax affairs up to date they can use HMRC’s worldwide disclosure facility.
HMRC’s approach to offshore non-compliance set out in the ‘no safe havens 2019’ strategy (tinyurl.com/hmrcnosafeh2019) has three pillars: to lead internationally; to assist compliance and help people get it right first time; and to respond appropriately where the correct tax is in danger of not being paid.
The past seven years have seen considerable changes in offshore taxation in the UK (see Changes to offshore tax...
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