Offshore Trusts: Tax Avoidance and Tax Evasion
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to tackle tax avoidance and evasion through offshore financial arrangements.
Answered by Dan Tomlinson
The UK is a leader in international tax transparency and HMRC works closely with tax authorities around the world to tackle offshore avoidance and evasion. For example, in 2024/25 HMRC received data on over 10 million offshore financial accounts from over 100 jurisdictions and will start to receive information under the new Cryptoasset Reporting Framework in 2027. The Government is investing in an increase of around 400 compliance officers over the next five years to further tackle offshore non-compliance by wealthy people, bringing in around £500 million in additional compliance yield over the same period.
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