The Government’s crackdown on offshore tax evasion continued today, with the Chancellor announcing an agreement for the exchange of information and accompanying disclosure facility with Jersey. This comes hot on the heels of agreements announced with Guernsey and the Isle of Man in recent weeks, and before that with Switzerland and Liechtenstein - and is likely to be followed by a number of similar agreements with other jurisdictions.
Derek Scott, director in KPMG’s tax investigations practice, said: “This sends out a strong message: the Government is determined to seek out tax evaders wherever they are and make them pay their dues. Those with undisclosed assets should be under no illusion of HMRC’s stated intention to flush them out. They would be well advised to take steps now to get their affairs in order.”
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