Ten ways HMRC is catching tax cheats
7 Jul 17
Recent high-profile wins against tax evaders prove that when it comes to cracking down on tax dodgers, HMRC is serious about stepping up not only its surveillance but also about finding innovative ways of catching out tax cheats. Here are some the methods the UK tax office employs.
HMRC is currently considering whether to force wealthy individuals to automatically declare their worldwide asset and income to work alongside transparency rules already in the pipeline for offshore accounts.
New reporting rules will increase burden on thousands of trusts as trustees will need to give HMRC details of assets and financial advisers maybe another potential source of information.
Early this year, HMRC served notices on about 50 lawyers and tax planners requiring them to divulge details about offshore trusts and companies and their owners, although some firms are set to appeal.
The measures are most likely to affect non-doms — residents whose permanent home is abroad — since, unlike most UK residents, they can benefit from offshore tax planning.
Tags: Beneficial Ownership | CRS | HMRC | Tax Evasion
