HMRC Jersey Tax Investigation

Breaking News

HM Revenue and Customs have confirmed that they have received data from HSBC Bank in Jersey showing details of every British client with an account held at that bank.  This list identifies 4,388 British people holding nearly £700 million in offshore accounts.

Tax Investigations

HM Revenue and Customs are taking a much stronger line with taxpayers who are deliberately evading tax with a significant increase in the number of individuals being subject to criminal prosecution for failing to disclose full details of their tax affairs.

Paul Taylor, tax director at taylorcocks commented  “HM Revenue and Customs have given taxpayers an opportunity to disclose irregularities in their tax affairs and are now coming down hard on those that have not taken this opportunity by carrying through their threat to increase the number of criminal prosecutions and their website includes details of taxpayers who have been successfully prosecuted and jailed”.

Paul continued to say “HM Revenue and Customs are particularly interested in persons who continue to hold funds offshore and these individuals are a key target for prosecutions, HM Revenue and Customs are continually receiving information from overseas banks regarding UK taxpayers and we can therefore expect the number of prosecutions to rise as the noose tightens”.

Taxpayers who have undisclosed accounts abroad are advised to make a full disclosure to HM Revenue and Customs as not only will this significantly reduce the genuine threat of prosecution it will also reduce the penalties charged.  

The specialist tax investigation team at taylorcocks can assist individuals in making the appropriate disclosures to HM Revenue and Customs, they are also able to provide advice in cases where prosecution is being threatened.

If you would like to discuss further please contact Paul Taylor here.