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Paradise lost
KEY POINTS
- A spotlight on offshore investments and tax avoidance.
- New measures include the requirement to correct.
- Do not overlook the Worldwide Disclosure Facility.
- The corporate criminal offence can apply.
- Penalties apply to ‘enablers’ of tax avoidance.
Following in the wake of previous financial leaks such as the stolen HSBC data and the Panama Papers the latest exposé on offshore information has arrived in the form of the Paradise Papers. These include 13.4 million documents which cast a further spotlight on the wealthy and their investments offshore.
Like the Panama Papers before them the Paradise Papers have raised intense media interest questioning the appropriateness of such arrangements. Although news reports have taken pains to point out that many of the investments do not involve either the evasion...
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