tax & jurisdiction | confusion greets revenue"s plans to target investors via banks
The Inland Revenue will at last clarify how it plans to tackle tax evasion on offshore accounts in a conference initiated by the Jersey Taxation Society. On receiving £66m from the Chancellor in the last budget, the Inland Revenue has been set the task of recouping £1.6bn in unpaid taxes over the next three years. Although the Revenue has confirmed the establishment of a taskforce known as the Financial Institutions Project Team (FIPT), it has, to date, repeatedly declined to reveal how investigations will proceed, leaving offshore centres and investors in a quandary. Recent press repor...
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