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HMRC scrutinises overseas accounts

26/02/2008

HM Revenue & Customs (HMRC) has detailed plans for tackling tax evasion following revelations that Liechtenstein bank accounts are being used for tax avoidance and evasion.

Administrators in Australia, Canada, France, Italy, New Zealand, Sweden, United Kingdom, the United States of America and others are working together to ensure that accounting practices are being followed properly.

HMRC says it is now looking into UK residents who may have Liechtenstein accounts to ascertain if they have followed proper accounting procedures with regard to taxation disclosure.

Chairman Dave Hartnett commented: "Tax evasion is not a victimless crime. Honest citizens have to meet the cost of the tax that is evaded by a minority who are dishonest. Tax cheats deprive our public services of vital funding.

"Everyone is entitled to conduct their financial affairs in privacy but secrecy laws which facilitate tax evasion are completely unacceptable. Those who have hidden their income and gains from HMRC should come forward and make a prompt and complete disclosure."

Meanwhile news emerged today that HMRC is also looking at ways to examine offshore accounts and force banks to hand over records of those who had not disclosed details.

Increasingly careers in accounting require up-to-date knowledge on the changing state of regulation, with pan-European rulings and the imposition of new levels of transparency requiring a better understanding of new laws.

 

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