View more on these topics

Offshore swoop could miss serious evaders

AES International managing director Sam Instone believes HM Revenue & Customs may fail to trap some of the biggest offshore tax dodgers in its latest probe as it is only targeting those with a UK address.

In recent years, HM Revenue & Customs has issued several banks with compulsory disclosure notices forcing them to surrender information relating to customers who have tax liabilities relating to undeclared offshore assets and income.

The notices under Finance Act 2008 grant HMRC access to information about clients who have some form of UK address and an offshore account. However, Instone says those involved in serious tax evasion are more likely to use offshore companies and trust vehicles and overseas addresses to evade the Revenue.

He says: “No one in their right mind is going to register an offshore account at their address in the UK if they are going to use it to evade tax.

eople who register in their own name are more likely to be doing so legitimately. Therefore, this legislation has missed out on the people that it was aimed at.

“It would be a shame if all the effort and money spent with the new disclosure opportunity failed to achieve its objective because the people evading do so by companies and trust vehicles and overseas registration of addresses such as holiday properties.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm