HMRC on high alert following Pandora papers leak

The Pandora papers leak has put the HMRC on high alert to investigate tax affairs of those who have made use of offshore tax arrangements according to the law firm RPC.

Adam Craggs partner and head of tax and financial crime at RPC says: ‘HMRC has been handed a treasure trove of information and will examine closely the 12 million leaked documents. Given the large amounts of money at stake the Revenue will be investing considerable resources in investigating the tax affairs of the persons concerned. 

‘Those who are aware that their data has been leaked and who wish to review their tax affairs before HMRC come knocking should seek expert professional advice and consider making a voluntary disclosure. This could potentially make the difference between HMRC pursuing a civil or criminal investigation. It is also likely to significantly mitigate any penalties...