HMRC nudges people named in Pandora Papers

UK residents mentioned in the 2021 Pandora Papers are being given the chance to correct their tax affairs.

HMRC is writing to individuals named in the files of 14 offshore financial service providers which specialise in companies trusts and foundations in low or no tax jurisdictions.

The letters which HMRC began sending on 5 June warn recipients that they have 30 days to report any outstanding tax on offshore income or face penalties of up to 200% of any tax due or prosecution.

During 2021 and 2022 the International Consortium of Investigative Journalists released more than 11 million records from 14 offshore service providers. As soon as these were released HMRC began reviewing the data the largest ever release of financial documents surpassing the 2016 release of the Panama Papers to find UK residents...