RSS feedsThose with offshore bank accounts will be under increasing scrutiny by tax authorities worldwide as they step up their investigations of offshore accounts to clamp down on perceived tax evasion, Grant Thornton warns.
‘The Treasury has been progressively tightening the net on offshore accounts for some time and it is now getting to a point that those with money held offshore, whether acting rightly or wrongly, are likely to feel some heat from HMRC in the near future,’ Gary Ashford, a Grant Thornton tax investigations director, says.
‘HMRC is using any means possible to get hold of information on offshore accounts. Whether it be paying for information, pressuring private banks to hand over details or teaming up with other tax authorities and information sharing, HMRC is determined to gain access to these accounts. It is looking increasingly likely that HMRC will consider introducing another facility for those holding untaxed offshore assets, particularly in offshore bank accounts, to disclose these to HMRC and pay any tax owed.’
Ashford warns HMRC sees anything involving offshore arrangements as increasing your risk score. However, those who are aware of this can ensure any offshore arrangements are fully tax compliant. ‘If problems are identified in the robustness of any arrangements they should be disclosed to HMRC at the earliest opportunity as HMRC has stated it will look to prosecute cases that have not been disclosed,’ he said.
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