More taxpayers contacted about Pandora revelations

Following continued examination of the Pandora Papers data HMRC has started sending another tranche of letters to wealthy individuals whom it suspects may have additional tax liabilities to disclose the CIOT reports. The missive will identify which overseas entity or entities HMRC believe that the person is connected to from the information in the papers and will include an extended response period of 60 days.

Agents are being copied in where HMRC is aware that the taxpayer is represented. A dedicated team has been set up by HMRC to handle queries and a telephone number is provided on the letter.

The letters warn that penalties of up to 200% of any tax that is found to be due may be charged. They also state that the taxpayer need take no action if they believe their tax affairs are correct and up to date.

In June 2023...