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HMRC officials trawl USA and Australian data in super rich tax haven crackdown

Customs officials are trawling computer records from the USA and Australia as part of its crackdown on wealthy tax cheats.

Hundreds of people in the UK are already being investigated for offshore tax evasion by HMRC as its analysts study 400 gigabytes of data provided by America's Internal Revenue Service and the Australian Taxation Office.

Chancellor George Osborne has warned that cheats have nowhere to hide, with early results already unearthing companies and trusts in tax 'havens' like Singapore, the British Virgin Islands, the Cayman Islands and the Cook Islands, which are being used to hide the assets of the rich.

Hidden getaway: The rich are using offshore tax havens like the Cayman Islands to hide their assets.

He said: 'The message is simple: if you evade tax, we're coming after you. The Government has invested hundreds of millions of pounds to fund the fight against tax evasion, both at home and abroad.

'This data is another weapon in HMRC's arsenal. The Prime Minister has made it a key priority to drive an international effort to increase transparency and clamp down on tax avoidance and evasion. By working with our international partners in this way, we are again demonstrating our commitment to this work.'

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So far, the data has helped HMRC has identified more than 100 people who are benefiting from these offshore schemes, with a number of these already under investigation for tax evasion.

Meanwhile, more than 200 UK-based accountants, lawyers and other professional advisers who are helping people and firms set up these structures are also under the microscope.

Firms and individuals who are not thought to be paying their fair share of taxes have been thrust into the spotlight in the past year, with the amount lost each year to tax evasion and avoidance estimated to be £32billion.

Evasion measures: Chancellor George Osborne pledged £4.6billion to HMRC to tackle tax evasion and avoidance in March's Budget.

Big multi-nationals such as Google, Amazon and Starbucks have hit the headlines for the small amounts of tax they pay in the UK, leading to growing concerns over the use of strategies which divert profits to lower tax jurisdictions.

While arguably immoral, tax avoidance is not illegal, but the Government is seeking to close tax loopholes to claw some of this back.

In the 2013 Budget, Mr Osborne warned that those who promote tax avoidance schemes would be 'named and shamed' in the future, as he pledged £4.6billion to HMRC to tackle tax avoidance and evasion.

Offshore havens closer to home - the Isle of Man, Jersey and Guernsey - have agreed to provide HMRC with information on HMRC with financial interests on the islands.

Jennie Granger, of HMRC, said: 'There is nothing illegal about an international structure, especially in a globally integrated economy, and these arrangements may be perfectly legitimate and may already have been declared to HMRC.

'However, they may involve tax evasion, avoidance or other serious offences by taxpayers. What has to stop is using offshore structures to illegally hide assets or income.'


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