Helen Adams and Dawn Register (BDO) review the latest consultation on further measures to tackle offshore tax evasion with the proposed introduction of a ‘requirement to correct’ (RTC).
What is the background?
This proposal is part of a long line of action by HMRC to tackle offshore tax evasion and non-compliance for the UK exchequer. The overall strategy is that set out in HMRC’s No safe havens which is as updated in 2014. The ‘sea change’ now is the advent of automatic exchange of information with over 100 countries preparing to send data on offshore interests to HMRC under the Common Reporting Standard (CRS). In addition HMRC will receive data from registers of beneficial ownership. All of these should dramatically improve HMRC’s ability to detect UK tax irregularities relating to offshore income and gains.
Whilst...
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Helen Adams and Dawn Register (BDO) review the latest consultation on further measures to tackle offshore tax evasion with the proposed introduction of a ‘requirement to correct’ (RTC).
What is the background?
This proposal is part of a long line of action by HMRC to tackle offshore tax evasion and non-compliance for the UK exchequer. The overall strategy is that set out in HMRC’s No safe havens which is as updated in 2014. The ‘sea change’ now is the advent of automatic exchange of information with over 100 countries preparing to send data on offshore interests to HMRC under the Common Reporting Standard (CRS). In addition HMRC will receive data from registers of beneficial ownership. All of these should dramatically improve HMRC’s ability to detect UK tax irregularities relating to offshore income and gains.
Whilst...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
