Overseas assets – HMRC set to swoop

Posted: 3rd May 2013

SuperyachtHM Revenue and Customs (HMRC) have announced that a clutch of Caribbean tax havens – Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands – are to supply them with information about the holders of assets in their jurisdictions.

HMRC have also announced that they are commencing a special drive to uncover undeclared overseas assets of UK residents held in trusts.

Armed with a £1 billion fighting fund to locate illicit assets and bring their owners to book, HMRC claims that they will net £20 billion from the exercise and expect criminal prosecutions to increase by 500 per cent.