HMRC swamped by tip offs

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HMRC ‘swamped’ by tip-offsNew research suggests that HMRC does not have enough staff to investigate 5.7m tip offs about overseas bank accounts held by 3m British citizens. It suggests that the tax office is instead sending letters to the people named, asking them to send details of their financial affairs. The flood of information stems from the common reporting standards agreed by the international Organisation for Economic Co-operation and Development, with the standards designed to stop tax evasion, or avoidance, by making governments aware of overseas money held by their citizens.

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