Offshore avoidance, shadow directors and disclosure

The mischief that can be worked by a UK resident using an offshore company was identified in a note issued by the Inland Revenue nearly 80 years ago: That note said: There are two methods of avoidance of UK taxation through the use of countries outside the UK. Under the first method, the taxpayer continues to reside in this country but transfers his property into such forms that the income thereon is not subject to income tax. He then transfers the property to a 'one man' company established outside the UK, the note said. Under the second method, the erstwhile taxpayer removes his pro...