According to a report in the UK media, David Varney, the head of the Inland Revenue, has established a specialist unit targeting the offshore banking activities of certain high-net-worth individuals.
The report indicated that Varney’s team has identified several well known figures from the business world, City high-fliers and other wealthy individuals who are alleged to have used offshore trusts and other vehicles to avoid paying tax.
It is understood that a specialist team of around 30 tax inspectors has been assembled to investigate the suspects, working under the Offshore Fraud Project, part of the Revenue’s Special Compliance Unit.
The investigations will be concluded in the coming months, and prosecutions may result from the more serious cases, the Times stated.
This latest development on the enforcement front comes as the government has stepped up its anti-avoidance campaign, pledging millions of pounds in new funds to help fight evasion.
It was also revealed last month that the Treasury is initiating a review into tax compliance, which is likely to result in Revenue officers being given new powers of investigation and armed with tougher penalties.
According to Treasury minister Dawn Primarolo, measures are already in the pipeline aimed at strengthening the compliance regime with the creation of a 100-strong anti-avoidance team within the new merged Customs and Revenue department.
A comprehensive report in our Intelligence Report series examining offshore banking jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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