Inland Revenue to outline plans to tackle offshore tax evasion

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •