HMRC Crackdown on Offshore Fund Holders

The Chartered Institute of Taxation has received notice from HMRC that they will soon be mailing taxpayers with a renewed focus on wealthy UK offshore fund holders.

The letters, due to be sent this month, ask recipients to ‘check that they have correctly declared money received from offshore collective investment funds’.  HMRC have provided a briefing giving information about the letter.

An article by Citywire gives more details, including statistics from law firm Pinset Masons on the increase of HMRC’s yield from investigations into ‘wealthy individuals’ that rose by 58% last year.  The article also suggests that the ‘sharp increase has been attributed to investigations following the Panama Papers leak, which alone yielded £190 million, and new global data sharing agreements allowing the tax authority to identify cases more quickly’.

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