HMRC have announced an anti-evasion crackdown in collaboration with the US and Australia, as the three countries will work together to sift through masses of data. Authorities believe that this information could reveal tax evasion conducted through complex offshore structures.
Chancellor George Osborne said:
The message is simple: if you evade tax, we’re coming after you. The Government has invested hundreds of millions of pounds to fund the fight against tax evasion, both at home and abroad. This data is another weapon in HMRC’s arsenal.
Jennie Granger, HMRC commissioner and director general for enforcement and compliance:
There is nothing illegal about an international structure, especially in a globally integrated economy and these arrangements may be perfectly legitimate and may already have been declared to HMRC. However they may involve tax evasion, avoidance or other serious offences by taxpayers.