HMRC are investigating UK taxpayers “connected” to Euro Pacific Bank on the basis that they are suspected of evading UK taxes and associated money laundering offences. Background Operation Atlantis began in 2020 when the Joint Chiefs of Global Tax Enforcement (known as the J5). His Majesty’s Revenue and Customs (HMRC) of the UK joined taxContinue reading “Latest on UK customers of the Euro Pacific Bank”
According to HMRC, the fine line between tax avoidance and tax evasion has been crossed and deliberately so. HMRC’s unit known as Offshore Corporate and Wealthy (OCW) was established in the wake of the ‘Panama Papers’ scandal in 2016 to investigate serious non-compliance by businesses and the wealthiest taxpayers. Today, the OCW is revisiting aContinue reading “HMRC views some tax avoidance schemes as a “misrepresentation of the true nature of events””
The fact a taxpayer has an offshore bank account or an offshore trust or offshore anything can raise or add to the concerns of HMRC. Not so much as “what is there to hide” but more the fact that its not so transparent compared to being on the mainland UK. So what?
No, I haven’t gone mad. A client has spent a lot of time and energy recounting what he had done over the years. But it didn’t add up – literally. It didn’t explain why HMRC was accusing him of tax evasion. Nor did it explain why HMRC had issued him with Code of Practice 9Continue reading “HMRC thoughts on tax evasion – is the answer 42 or 0?”
The tax avoidance market has changed quite prodigiously in more recent times. Some of these schemes go back to the mid 1990’s and yet they may still be in dispute with HMRC. All of these tax avoidance schemes set out to reward key employees with little (tax) cost often by way of loans. And thenContinue reading “Remuneration Trusts, EBTs etc. – tax avoidance or tax evasion?”
A simple question but if it is answered the wrong way, it can have a devastating effect. “Do you have anything to disclose?” is a question that is regularly asked by HM Revenue & Customs (HMRC) at the outset of an investigation. But it is worrying how many taxpayers fail to appreciate its significance orContinue reading “Do you have anything to disclose?”