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Issue:
4894
/
Categories:
Comment & Analysis
, HMRC
, nudge letters
, Offshore Disclosure Facility
, Organisation for Economic Co-operation and Development
, pandora papers
, tax avoidance
, Avoidance
The box is open
Key points
- The Pandora Papers shed light on the opaque world of offshore finance.
- HMRC has started a campaign of ‘nudge letters’ to encourage identified taxpayers to disclose any offshore assets and income.
- Likely outcomes for those disclosing are the contractual disclosure facility or the worldwide disclosure facility.
- It is likely that HMRC has committed significant resource to these anticipated disclosures and will act swiftly when required.
The Pandora Papers refer to a massive leak of financial documents in October 2021 by the International Consortium of Investigative Journalists (ICIJ) – the same organisation responsible for the Panama Papers leak in 2016. The Pandora leak involves more than 11.9 million files comprising of approximately 2.94 terabytes of data which were obtained from 14 offshore providers such as Appleby and Estera.
The papers provide insight into the offshore holdings of politicians celebrities business leaders and other influential figures...
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