HMRC offshore crackdown

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HMRC in offshore tax crackdownHaving been granted access to international tax data and handed greater powers, HMRC is understood to have sent out tens of thousands of warning letters to UK residents making money abroad. Analysis shows that more than 1,000 tax bills of up to £100,000 have been mailed this year as the tax office looks to clamp down on offshore tax avoidance. An international agreement signed by more than 100 countries means HMRC has had access to offshore financial interests of millions of Britons since 2018. It has also been granted enhanced powers to punish late and unpaid bills from offshore earnings. It can hand out fines worth up to twice the tax owed and can also demand unpaid tax going back 12 years - twice as far back as it could before.

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