Market leading insight for tax experts
View online issue

Getting offshore tax right

printer Mail

The Law Society has responded to HMRC’s consultation on ways to help taxpayers get their offshore tax right first time. The Society agrees that the use of offshore data to inform HMRC’s communications and prompts to taxpayers, and particularly to agents, could promote compliance but advises caution where the offshore data is incomplete or misleading. In particular the Society suggests that:

  • using offshore data has the potential to help taxpayers get their offshore tax right, but HMRC should consider the risks associated with incomplete or misleading data; and
  • although it could be helpful for HMRC to inform a taxpayer’s tax adviser that the taxpayer has offshore assets, issues around taxpayer confidentiality (for example, where the taxpayer uses different advisers for advice and compliance) and agent authorisation would need to be considered.
Issue: 1536
Categories: News
EDITOR'S PICKstar
Top