HMRC is now monitoring 277 British companies it suspects of the use of ‘tax havens’ to artificially scale back their tax expenses in the United Kingdom, in keeping with a Town legislation company.
HMRC is anxious that some UK companies are nonetheless warding off tax in the United Kingdom via recording source of revenue in nations with 0 or near-zero company tax.
International locations historically noticed as tax havens come with the British Virgin Islands, Cayman Islands and Bermuda.
HMRC has now gained information on 277 companies from tax government in 12 tax havens over the last yr as a part of its ‘no or simplest nominal tax jurisdiction undertaking’, legal professionals at legislation company Pinsent Masons instructed Town A.M. this morning.
This undertaking is operated via the intergovernmental frame the Organisation for Financial Co-operation and Construction (OECD), involving tax government in 38 member states.
Below this initiative tax government in tax havens should supply data at the identities, actions and possession of firm companies reporting earnings of their nations to HMRC and different tax government throughout the programme.
This data can then be utilized by HMRC to open investigations and levy consequences the place it believes UK tax has been unlawfully have shyed away from or avoided.
The 12 tax havens are Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Guy, Jersey, Turks and Caicos Islands and the United Arab Emirates.