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HMRC is now monitoring 277 British companies it suspects of utilizing ‘tax havens’ to artificially scale back their tax payments within the UK, in line with a Metropolis legislation agency.
HMRC is anxious that some UK companies are nonetheless avoiding tax within the UK by recording revenue in nations with zero or near-zero company tax.
Nations historically seen as tax havens embody the British Virgin Islands, Cayman Islands and Bermuda.
HMRC has now obtained knowledge on 277 companies from tax authorities in 12 tax havens over the previous 12 months as a part of its ‘no or solely nominal tax jurisdiction venture’, attorneys at legislation agency Pinsent Masons informed Metropolis A.M. this morning.
This venture is operated by the intergovernmental physique the Organisation for Financial Co-operation and Growth (OECD), involving tax authorities in 38 member states.
Beneath this initiative tax authorities in tax havens should present data on the identities, actions and possession of multinational companies reporting income of their nations to HMRC and different tax authorities throughout the programme.
This data can then be utilized by HMRC to open investigations and levy penalties the place it believes UK tax has been unlawfully prevented or evaded.
The 12 tax havens are Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands and the United Arab Emirates.
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