HMRC believes hundreds of UK residents have used the bank’s services and has launched an intelligence operation to identify its clients and begin a series of investigations into their tax affairs - describing it as a “landmark moment in HMRC’s response to offshore tax evasion”.
HMRC constantly receives a wealth of data from various sources, enabling them to identify targets for both civil and criminal investigations.
HMRC has powers which allows its officers to obtain and execute search warrants, make arrests, search premises, and interview people who they suspect are guilty of fraudulent evasion of tax. For cases of serious crime, HMRC can use intrusive surveillance powers to intercept communications and carry out surveillance to determine whether tax has been evaded.
HMRC has already confirmed that a number of investigations, including criminal investigations, are being carried out following the deregulation of the bank
HMRC is encouraging clients of the bank to come forward before they are discovered.
There are several routes available for making disclosure. The most appropriate route will be dependent on your specific circumstances. For example, where there is a concern that HMRC might launch a criminal investigation into your tax affairs, the Code of Practice 9 (COP9) disclosure route can be used to provide protection from prosecution.
Our team is made up of former HMRC criminal investigators and inspectors, and tax professionals. We understand how HMRC operates and the most appropriate route for disclosures. We can review your position and support you through the process of putting things right. We can be by your side, leveraging our experience and network of connections at HMRC. Once we've worked together to determine a plan, we'll assemble your disclosure and represent you in communication with HMRC to minimise any tax and penalties you may have to pay.
If you have any questions about how the deregulation of Euro Pacific Bank might affect you or would like guidance on any other compliance issues, get in touch with David Francis.