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HMRC identifies jump in serious cases by 18% in the past year.
The number of serious tax evasion cases identified by HMRC has jumped 18% in the past year to 3 809 up from 3 216 in 2016-17 according to figures obtained by Pinsent Masons.
The law firm suggests the increase has been driven by information HMRC has received about UK residents with offshore bank accounts under the common reporting standard (CRS). The first information exchanges by early adopter countries happened in September 2017. However HMRC had been receiving similar information for a year before that from the Crown dependencies and overseas territories.
The department’s ability to identify tax evasion will be strengthened further when it starts receiving data on offshore bank accounts from the next wave of countries and territories under the CRS in September. These include Switzerland the UAE Hong Kong and Singapore.
Jason Collins partner at Pinsent Masons said: ‘HMRC is receiving...
