HMRC is in the process of contacting UK residents whose details were included in the files of 14 offshore financial service providers which specialise in the use of structures in low or zero-tax jurisdictions. This is part of HMRC’s action in response to the Pandora Papers release of records by the International Consortium of Investigative Journalists.
The letters will urge recipients to disclose any overseas income and gains on which UK tax is due rather than face enhanced penalties and potential criminal prosecution.
Recipients of the letters can make disclosures under the Contractual Disclosure Facility (under the CoP9 civil investigation of fraud procedure), or Worldwide Disclosure Facility which is available for offshore matters but does not provide protection from prosecution.
HMRC is in the process of contacting UK residents whose details were included in the files of 14 offshore financial service providers which specialise in the use of structures in low or zero-tax jurisdictions. This is part of HMRC’s action in response to the Pandora Papers release of records by the International Consortium of Investigative Journalists.
The letters will urge recipients to disclose any overseas income and gains on which UK tax is due rather than face enhanced penalties and potential criminal prosecution.
Recipients of the letters can make disclosures under the Contractual Disclosure Facility (under the CoP9 civil investigation of fraud procedure), or Worldwide Disclosure Facility which is available for offshore matters but does not provide protection from prosecution.
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