New offshore unit launched by HMRC

Date: 22nd November 2011

Business owners and other individuals tempted to use offshore bank accounts could be forced into a rethink.

That is after HM Revenue & Customs (HMRC) announced the launch of a new dedicated unit aimed at cracking down on offshore tax evasion.

A team of highly-skilled analysts have been brought together by the department to form the new Offshore Co-ordination Unit.

The unit will attempt to identify those using such accounts in order to avoid paying UK taxes.

It comes after HMRC announced a number of new taskforces aimed at increasing the tax yield in a number of UK industries.

David Gauke, Exchequer Secretary to the Treasury, said: "The days when untaxed income or capital could be safely salted away offshore, beyond the reaches of the taxman, are long gone.

"The launch of this specialist unit, together with the other valuable work the department is driving forward in an effort to tackle offshore evasion, underlines the fact that offshore tax cheats are fast running out of places to hide."

Posted by Thomas Fletcher