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HMRC ‘drive against offshore tax evasion’

The Financial Times reports (24 September 2010) a drive by HMRC ‘against offshore tax evasion’. According to the paper thousands of higher earners have recently received letters from HMRC (understood to be Code of Practice 9 letters) mostly relating to offshore bank accounts held with HSBC in Switzerland and which have been under investigation for some months.

RSM Tenon reports a pattern emerging across the country of HMRC issuing fraud notices under CoP 9. The firm anticipates further action by HMRC before the end of the year commenting that ‘with over 300 financial intermediaries already under notice to provide certain information on their clients to HMRC we are expecting more notices to be issued over the next couple of months’.

The move by HMRC follows the announcement by Danny Alexander at the Liberal Democrat party conference that funding would be made available to HMRC to ‘tackle...

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