22 Jul 2013 | 10:44 am | 2 min. read
26% increase in the number of HMRC requests for offshore bank account data
The number of requests for dataHMRC made to Crown Dependencies and Overseas Territorieson possible tax evaders hit a record highin the last year as the Government cracked down heavily on offshore tax havens says Pinsent Masons, the international law firm.
HMRC made 72 requests for financial data to significant offshore tax havens such as the Cayman Islands, Bermuda, and Jersey in the last year (ending Dec 31 2012) regarding personal and business taxes, up 26% on the57 in 2011 and 32 in 2010.
Pinsent Masons says the figures show thatHMRC are accelerating their assault on people sheltering money unlawfully from HMRC in the UK Crown Dependencies and Overseas Territories.
The UK's Crown Dependencies and Overseas Territories have come under increasing pressure from the UK Government in Whitehall tostart co-operating more closely with HMRC in order to root out tax evaders.
Pinsent Masons Director, Reg Day, commented: "HMRC are stepping up their efforts to track down tax evaders bygetting offshore tax havens to provide more and more information about money being sheltered offshore."
"This will send shivers down the spine of those individuals and business with any undisclosed assets in places like Bermuda and the Cayman Islands. HMRC is closing the net and will come down heavily on those not paying tax, so individuals and businesses with money sheltered offshore should get on the front foot before HMRC finds out and begins an investigation."
The news comes as HMRC finalises new tax compliance information sharing arrangements with the Crown Dependencies and Overseas Territoriesamongst other measures that are set to catch an increasing number of tax evaders.
Reg Day says: "Better co-ordination between HMRC and the Crown Dependencies and Overseas Territories will provide HMRC with much more of the information it needs to start enforcement action against individuals and businesses it suspects of tax evasion. Those with undisclosed assets need to be proactive and approach HMRC before it's too late."
"Taxpayers are able to declare any offshore assets to HMRC via the Liechtenstein Disclosure Facility, a tax amnesty limiting the risk of criminal prosecution.Taxpayers with tax irregularities in offshore havens can come forward under the Liechtenstein Disclosure Facility and disclose and settle their tax liability, avoiding action from HMRC."
Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.
Multinational law firm Pinsent Masons has advised propco investor LDC Care Homes and its asset and investment manager Elevation Advisors on the migration of a care homes portfolio from Four Seasons Health Care Group (FSHC) to new operators.
Multinational law firm Pinsent Masons has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB (Karo).
The multinational law firm Pinsent Masons advises the holding company of the founder Dr Hardy Walle on the sale of all shares of Bodymed AG to Nestlé Health Science.
Multinational law firm Pinsent Masons has advised the shareholders of Goodtill on its sale to SumUp
Handeslblatt and Best Lawyers recognised 23 partners of multi-national law firm Pinsent Masons as Best Lawyers in Germany 2020.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on