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Revenue Probe Could Snare Innocent Investors, Claims Advisory Firm

by Amanda Banks, Tax-News.com, London

11 November 2003


Now that recent changes in UK law have rendered many offshore investment structures redundant, aaccountancy firm PKF has warned many investors that they could become the unwitting victims of an Inland Revenue investigation under the tax collector’s new ‘Offshore Arrangements’ unless they take steps to ensure they remain fully compliant with the law.

Under the Revenue’s new project, a network of tax inspectors has been established which aims to identify links between UK taxpayers and offshore jurisdictions. PKF also warns that the Revenues’ specialist investigation arm, the Special Compliance Office, is also targeting offshore advisors.

"Offshore companies and trusts have been features of business life for many years and advisors in tax havens have operated with little supervision," said Ian Mills, partner at PKF. “Recent changes to the law mean it's now essential to check such arrangements are still valid,” he adds.

"Many individuals and companies may find themselves under investigation as major projects like this often sweep up the innocent with the guilty in the official stages," warns Mills. “All those who have set up offshore structures as part of their tax planning in the past should take independent professional advice to make sure that they are not unwittingly breaking the law."


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