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The Offshore Co-ordination Unit
by Paul Malin on 19 January 2012
HM Revenue & Customs are targeting UK taxpayers who they believe have income from undisclosed offshore bank accounts. A small team of Inspectors has been set up in Birmingham to follow up on numerous leads obtained by HM Revenue & Customs over the years.
Ever since the first “tax amnesty” was announced here in the UK called the Offshore Disclosure Facility in 2007 HM Revenue & Customs has been gathering information about accounts held overseas and where there is a connection to a UK address.
In recent years, the offshore banks have had to deal with lost data as well as pressure from various governments around the world to lift the apparent veil of secrecy about such accounts.
HM Revenue & Customs are assuming that all of this money relates to tax evasion when it may simply not be taxable in the UK. Whilst there are no doubt some account holders who have issues to overcome, some might say that these are heavy-handed scare tactics and can prey on the innocent.
Recipients have 30 days to respond to these letters before a formal investigation will commence.
If you receive such a letter, don’t delay –seek advice!
Paul is a tax partner at Haines Watts and can be contacted on pmalin@hwca.com or +44 (0)7919 375 650 anytime.
About Paul Malin
Since 1989, Paul has represented every type of taxpayer (individuals, partnerships, joint ventures, family limited companies, quoted companies and trusts) who, for whatever reason, have failed to comply with all the complexities of UK tax legislation. Paul deals with all offices of HM Revenue & Customs including Specialist Investigations and the High Net Worth Unit. Paul can be contacted on: +44 (0)7919 375 650 anytime.
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