Key points
- In June 2023 HMRC announced an amnesty on disclosures relating to the Pandora Papers.
- ‘Nudge letters’ have been sent out giving recipients 30 days to report taxable offshore income and gains.
- Where the individual identified has an authorised tax agent they should receive a copy of the letter.
- In some countries it is not illegal to have assets offshore or to use shell companies to do business across national borders – but questions arise as to fairness.
- Deliberate evasion is a different matter that becomes a criminal case.
- A global problem demands a global response.
Herein lie the ashes of your client’s reputation.
It is with a heavy heart that we report the sad demise of a previously strong business. Well-known and admired the owners succumbed to the temptation of tax evasion. Despite warnings and assistance attempts the company floundered and was left decimated...