He says UK authorities must ensure they do not shoot “a golden goose” in their pursuit of missing revenue and damage the legitimate money held offshore and tax generated and remitted back to the UK.
He says: “The lost revenue already this year has been enormous so that has put further pressure on areas where money can be recouped from easy sources. It is right that the policing continues to protect against money being squirrelled away or hidden for less than savoury purposes but along the way you are going to really hammer investors who are entitled to plan within the tax rules.”
McBreen believes the Government’s drive to recover lost revenue is also likely to put inheritance tax under the spotlight. He says: “I am convinced that we are on the track where the levy and the takings for inheritance tax will increase. It is an easy tax to collect.”