Thursday, September 01, 2011

UK HMRC Targets Information-sharing Agreements with BVI and Panama

HM Revenue and Customs is planning to extend his crackdown on tax havens used by the British citizens to move their assets. After targeting Switzerland and Liechtenstein, HMRC will aim to reach information-sharing agreements with Panama and the British Virgin Islands.

It is believed that substantial sums of tax are being evaded by owners of property in London whose identity remains unknown to the UK authorities, and HMRC is looking closely at countries which have strict secrecy laws relating to legal ownership of companies and banking – including BVI.

Offshore jurisdictions are pressed by the other countries to bring in more transparency. The UK Coalition Government has strengthened the pressure on the British people holding money in Jersey by bringing in a new penalty of 200 per cent of the tax evaded by people who do not disclose money held there.

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