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In October 2021, the International Consortium of Investigative Journalists published the Pandora Papers – 11.9 million leaked documents which included files from 14 offshore financial service providers specialising in companies, trusts, and foundations in either low or no tax jurisdictions.
In response to this, HMRC has now sent ‘nudge letters’ to some taxpayers named in the papers who they suspect may have additional tax liabilities. These letters were sent on or around 5 June 2023 and mark the first phase of HMRC’s response to the Pandora Papers, asking people to review their tax affairs and ensure they are up to date.
Kirsty Telford, Deputy Director for Offshore at HMRC’s Risk and Intelligence Service said: “Tax evasion is increasingly global but, unfortunately for tax criminals, so is HMRC’s reach, accessing data and intelligence through international collaboration.”
Now HMRC’s Connect system feeds in data on overseas bank accounts and investments obtained through an ever-expanding number of international agreements. So, if you have any overseas interests, it is now a good time to seek further advice about these.
Key points to note
What you need to be aware of
A copy of the letter can be found here.
How can we help?
If you have received or expect to receive a letter from HMRC in relation to the Pandora Papers, we recommend seeking professional advice. Should you wish to discuss these matters further or indeed require expert advice, please contact Private Clients and Dispute Resolution Partner, Anthony Rose.
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