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HMRC made 540 requests to overseas authorities for information on UK taxpayers last year an increase of 24% on the previous year according to Pinsent Masons.
The international law firm considers that HMRC is increasing its enquiries into taxpayers it believes are hiding assets overseas. Investigations can lead to penalties of up to 200% of the tax owed.
Steven Porter partner at Pinsent Masons said: ‘These requests are just part of HMRC’s approach to investigations. It also targets taxpayers with offshore interests through nudge letters sent to their homes and can demand information from their accountants and tax advisers. HMRC is benefiting hugely from the common reporting standard which gives it access to data from more than 100 foreign tax authorities.’
He added that the department recently admitted it was behind on opening investigations into hidden offshore assets which could kickstart more investigatory activity ‘so taxpayers must be...
