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HMRC’s approach to offshore non-compliance set out in the ‘no safe havens 2019’ strategy (tinyurl.com/hmrcnosafeh2019) has three pillars: to lead internationally; to assist compliance and help people get it right first time; and to respond appropriately where the correct tax is in danger of not being paid.
The past seven years have seen considerable changes in offshore taxation in the UK (see Changes to offshore tax rules since 2015). It is perhaps unsurprising that one reason given by those making disclosures is that the advice on which they were relying is more than ten years old. Other reasons given were:
- not realising the need to declare offshore income;
- believing that the payment of tax abroad would fulfil their obligations; and
- assuming the tax laws of the UK are the same as other countries.
That is why HMRC is working to give further...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
