.png)
.png)
UK taxpayers with hidden assets in the Cayman Islands face scrutiny by HMRC over evasion, tax investigations experts have warned.
The Revenue is issuing letters to encourage people it believes hold bank accounts in the British overseas territory to disclose undeclared income and capital gains.
Sean Wakeman, tax investigations partner at Crowe Clark Whitehill, said,“Account holders are warned that if no response is received within 30 days, a detailed inquiry will be launched that could lead to a criminal investigation.
UK taxpayers with hidden assets in the Cayman Islands face scrutiny by HMRC over evasion, tax investigations experts have warned.
The Revenue is issuing letters to encourage people it believes hold bank accounts in the British overseas territory to disclose undeclared income and capital gains.
Sean Wakeman, tax investigations partner at Crowe Clark Whitehill, said,“Account holders are warned that if no response is received within 30 days, a detailed inquiry will be launched that could lead to a criminal investigation.
“They are invited to make a disclosure for 20 years, which presupposes deliberate behaviour in evading tax.”
Wakeman suggested that individual with underpaid taxes might consider using the Liechtenstein disclosure facility, limiting liabilities to 13 years or six years in cases involving just carelessness.
His colleague John Cassidy remarked. “The UK signed an automatic tax information sharing agreement with the Cayman Islands on 5 November. While [the HMRC letters were] not unexpected, the timing is probably 12 months earlier than anticipated.”
