The UK has signed an agreement with 50 other countries and jurisdictions to automatically exchange tax information as part of an international clampdown on tax evasion. Under the agreement, unprecedented levels of information including account balances, interest payments and beneficial ownership will be shared with the UK from countries across the world.
Some of those countries and jurisdictions who have signed up to the agreement include; Barbados, Cyprus, Czech Republic, France, Germany, Greece, India, Ireland, Italy, Liechtenstein, Luxembourg, Malta, the Netherlands, Poland, Portugal, San Marino, Seychelles, South Africa, Spain, Isle of Man, Guernsey and Jersey.
HMRC anticipate the agreement will provide details of billions of points of assets held overseas by UK taxpayers, with the first exchange of information commencing in 2017 in respect of accounts open at the end of 2015 and new accounts from 2016.
If you require further information in respect of HMRC’s clampdown on international tax evasion please speak to a member of our Tax Investigations and Dispute Resolution team.
24 hour tax investigations and disputes hotline on 0207 651 1400 or email firstname.lastname@example.org.