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The implications of the Panama papers for advisers and their clients.
KEY POINTS
- The Panama papers contain documents about more than 214 000 individuals.
- Everyone on the list is likely to receive an enquiry letter from HMRC.
- Problems may arise with offshore arrangements set up years ago.
- The common reporting standard is already live.
- The outcome is usually better if undisclosed income is reported voluntarily.
In recent years there have been data leaks from overseas banks in several jurisdictions. These however pale into insignificance compared with the scale of the Panama documents made available to the International Consortium of Investigative Journalists (ICIJ). The leak comprised 11.5 million documents (2.6 terabytes of information) relating to over 214 000 individuals in more than 200 countries. It included a staggering 38 years’ worth of data from 1977 onwards. So what...
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