A new specialist
unit targeting offshore tax cheats has been launched by HM Revenue
& Customs (HMRC).
The Offshore Co-Ordination Unit (OCU) brings together a team of
highly-skilled offshore analysts, technical tax experts and
experienced investigators, who will oversee and co-ordinate HMRC’s
compliance work to identify and pursue those who hide income and
capital in offshore accounts to avoid UK tax and duties.
The unit will look to fully exploit the increasing amount of
offshore information at HMRC’s disposal, including bank account
data. They will then use this intelligence to develop innovative
new ways of tackling offshore tax evasion.
The OCU will continue to build on the success of HMRC’s
Liechtenstein Disclosure Facility (LDF) and co-ordinate the
recently announced activity in relation to HSBC Geneva account
holders. It will also implement the operational aspects of the
recently signed tax agreement between Switzerland and the UK,
which is expected to raise billions of pounds for the UK.
Exchequer Secretary to the Treasury, David Gauke, said:
“The days when untaxed income or capital could be safely salted
away offshore, beyond the reaches of the taxman, are long gone.
“The launch of this specialist unit, together with the other
valuable work the department is driving forward in an effort to
tackle offshore evasion, underlines the fact that offshore tax
cheats are fast running out of places to hide.”
Notes for editors
1. This is the first instalment of 100 new offshore investigators
announced by Chief Secretary to the Treasury, Danny Alexander, on
18 September 2011.
2. The Liechtenstein Disclosure Facility allows people with
unpaid tax linked to investments or assets in Liechtenstein to
settle their tax liability under a special arrangement, and will
run until 31 March 2015. For more information visit www.hmrc.gov.uk/disclosure/liechtenstein-disclosure.htm.
3. Further details of the recently signed UK/Swiss tax agreement,
and the activity in relation to HSBC Geneva account holders, are
contained in HMRC news releases NAT
79/11 and NAT
81/11, respectively.
4. Follow HMRC on Twitter @HMRCgovuk.
NAT 93/11
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