We comment via UK200Group on the recently leaked ‘Panama Papers’ and tax evasion.
‘11.5 million documents relating to offshore structures is highly significant in HMRC’s fight against tax evaders.
“HMRC’s request to secure the data for checking against their Connect system comes at a crucial time. Currently there are no HMRC offshore tax disclosure facilities which would enable individuals to come forward and disclose tax irregularities.”.
If someone has deliberately evaded tax, then they could take advantage of HMRC’s Code of Practice 9 procedures. However … specialist tax advice should be sought in these circumstances.’