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Tax advisers should now be taking action to warn clients of the advent of the common reporting standard.
KEY POINTS
- The common reporting standard is a network of information exchange.
- HMRC is likely to place the burden of proving compliance on the individual and advisers.
- The worldwide disclosure facility offers no immunity from prosecution for tax evaders.
- A statutory obligation to put right undeclared income or gains will be backed up by serious penalties.
- Advisers must warn clients of their tax obligations between 30 September 2016 and 31 August 2017.
Cassandra a daughter of Priam the king of Troy was endowed by Apollo with the power to foresee the future. But when she turned down his amorous advances he put a curse on her...
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