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.
Earlier this week, it was revealed that HMRC has almost doubled its requests to governments elsewhere in the world for help in suspected tax evasion cases over a five-year period.
This is part of global crackdown on tax evasion which resulted in the introduction of two key legislation, Common Reporting Standards (CRS) and beneficial ownership register.
From September, under CRS, details of bank balances, interest, dividends and certain types of income earned by expats will start to be sent to their home governments wherever they may be. The new rules will mean that evaders have very few places left to hide.
Last year, under beneficial ownership rules HMRC was also handed information from the crown dependencies and overseas territories, which it hopes it can use to raise up to £300m of extra revenues, according to official forecasts.
Tags: Beneficial Ownership | CRS | HMRC | Tax Evasion
