OFFSHORE UK JURISDICTIONS REACT TO LATEST TAX AVOIDANCE INQUIRY

On 3rd April, International Investment reported that officials from Britain’s overseas territories and Crown Dependencies said they were prepared to co-operate with the latest UK government investigation into tax evasion and avoidance, but some expressed surprise that it was felt necessary.  It reports that, in a document posted on the Parliament website the Sub-Committee invites comment on 6 questions, with a deadline of 31st May –

  • To what extent has there been a shift in tax avoidance and offshore evasion since 2010? Have HMRC efforts to reduce avoidance and evasion been successful?
  • Is HMRC adequately resourced and sufficiently skilled to identify, challenge and counteract existing and new avoidance schemes and ways of evading tax? What progress has it made since 2010 in promoting compliance in this area and preventing and responding to non-compliance?
  • What types of avoidance and evasion have been stopped, and where do threats to the UK tax base remain?
  • What part do the UK’s Crown Dependencies and Overseas Territories play in the avoidance or evasion of tax? What more needs to be done to address their use in tax avoidance or tax evasion?
  • How has the tax profession responded to concerns about its role in aiding tax avoidance and evasion?
  • Where does the tax profession see the boundary between acceptable and unacceptable practice lie?

http://www.internationalinvestment.net/products/banking-products/offshore-uk-jurisdictions-react-latest-tax-avoidance-inquiry/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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