HMRC tries new tactic

HMRC investigates suspected Money Laundering Regulations breaches.Photo: HM Revenue & Customs
HMRC investigates suspected Money Laundering Regulations breaches.Photo: HM Revenue & Customs

The UK tax authorities have announced a consultation period on plans intended to limit the number and efficiency of complex offshore arrangements that aim to bring tax advantages to UK taxpayers.

Businesses such as agents, advisers and accountants would be provided with a “notification number” to pass on to their clients, who would then be expected to use this number when making UK tax returns.

Earlier this year a Monaco-based accountant narrowly escaped a jail term in the UK for his involvement in a tax scheme centred on a service that was never provided. A complex structure involved a company in Guernsey, and investors received tax reductions that were bigger than their investments.

The consultation period ends on February 27, 2017.

 

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