HMRC 'to step up tax evasion investigations'

News Article - 24 May 2012
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Tax authorities around the world, including the Treasury and HM Revenues and Customs (HMRC), are planning to crack down on suspected tax evasion, Grant Thornton has warned.

According to Accountancy Age, the chartered accountant has said people with offshore accounts, whether they are legitimate or not, are likely to "feel some heat" from HMRC.

It stated the customs agency is using "any means possible" to gather information regarding offshore deposits.

Gary Ashford, director of tax investigations at Grant Thornton, said HMRC would be paying for data, sharing information with other tax authorities and pressuring private banks to divulge the details it was looking for.

He added it was likely HMRC "will consider introducing another facility for those holding untaxed offshore assets, particularly in offshore bank accounts, to disclose these to HMRC and pay any tax owed".

People with offshore arrangements are being urged to conduct a health check of their accounts to ensure they are fully tax compliant.

HMRC is responsible for the administration and collection of direct and indirect UK taxes.

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