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Tax Investigations

Richard Clarke Senior Manager and Sue Bradshaw Senior Manager PricewaterhouseCoopers London look at recent developments
In its crackdown on cross-border tax avoidance and evasion the Inland Revenue has set up a new Financial Institutions Project Team (FIPT) in Liverpool to obtain information from financial institutions with offshore subsidiaries. This unit is approaching banks and other financial companies in an attempt to track down customers with assets held offshore.
Top investigators from the Special Compliance Office (SCO) were transferred to FIPT to ensure the Inland Revenue finds those taxpayers reluctant to disclose their offshore tax arrangements. It is expected that many will come forward in order to avoid full investigation of their affairs and to minimise the risk of penalties.
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