The taxman has entered into a Tax Information Exchange Agreement with the San Marino authorities; once regarded as a secretive tax haven. The agreement follows similar TEIA’s between the UK and Antigua and St Kitts in January, and is another step in the new levels of cooperation to share tax information coming from countries once thought of as impregnable ‘tax havens’.
The UK taxman already has details of thousands of offshore bank accounts registered by UK residents. This TIEA means that the UK tax investigators will be able to obtain information and records from San Marino to help in a tax enquiry. It is likely that these information powers will mainly be used by the specialist tax evasion investigators in Specialist Investigations, Civil Investigation of Fraud or Revenue & Customs Prosecution Office (RCPO).
If you or your clients are subject to a tax investigation you may need specialist help. If you have an offshore bank account or other assets in a tax haven and you want to know more about The Liechtenstein Disclosure Facility call us. Lynam Tax Enquiry Experts have vast experience of dealing with tax enquiries and disclosures involving offshore accounts, assets and structures and in assisting clients to the optimum outcome. Phone Paul Lynam today for a no obligation, confidential discussion on: 0845 643 9997.