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Poster issued by the British tax authorities to counter offshore tax evasion The United Kingdom and jurisdictions following the UK approach (such as New Zealand) have recently adopted the evasion/avoidance terminology as used in the United States: evasion is a criminal attempt to avoid paying tax owed while avoidance is an attempt to use the ...
Initiatives announced in 2010 suggest an increasing willingness on the part of HMRC to use retrospective action to counter avoidance schemes, even when no warning has been given. [89] The UK Government has pushed the initiative led by the Organisation for Economic Co-operation and Development (OECD) on base erosion and profit shifting. [90]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Many of these OFCs were traditional tax havens from the post-World War I phase, including the Cayman Islands and Bermuda, however new centres such as Hong Kong and Singapore began to emerge. [47] The Tangier International Zone was an extreme case of tax leniency and banking secrecy in the period following its wartime suspension, but that was ...
The act grants the Minister for Home Affairs the authority to investigate individuals suspected of being foreign agents engaged in "hostile information campaigns". An independent panel, chaired by a judge, will consider appeals against the minister's findings, although persons marked as "politically significant" may not be allowed to file such appeals. [5]
K2 was an offshore wealth management scheme in which salaries of individuals in the United Kingdom were channelled through shell corporations in Jersey, Channel Islands.In June 2012, media reporting of people using K2 for the purposes of tax avoidance was followed by the United Kingdom's Prime Minister David Cameron characterising the scheme as "morally wrong". [1]
In 2011, HMRC, the UK tax collection agency stated that it would continue to crack down on tax evasion, with the goal of collecting £18 billion in revenue before 2015. [27] In 2010, HMRC began a voluntary amnesty program that targeted middle-class professionals and raised £500 million. [28]
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.