Hundreds of UK customers of a collapsed Puerto Rican bank linked to tax evasion and money laundering are being given a chance to check and correct their tax affairs: or risk prosecution.

HM Revenue and Customs has written to around 600 people in the UK who were customers of the Euro Pacific Bank (“EPB”) – urging them to check their tax affairs and make any necessary corrections to their tax position.

EPB was subject to a “global day of action” by the Joint Chiefs of Global Tax Enforcement (“J5”) in 2020, as part of an investigation into suspected money laundering and tax evasion. Already the J5 jurisdictions (i.e. UK, Canada, Australia, Netherlands and the USA) have launched hundreds of civil and criminal investigations involving EPB: including HMRC’s criminal investigations into UK customers of the bank.

HMRC’s Director of Fraud Investigation Services said: “We have tax enquiries, criminal investigations and intelligence operations already underway involving this bank and there will be more to come. Anyone with an account at this bank should come and speak to us before we come and speak to you“.

What does this mean to me?
If you have received a letter from HMRC regarding offshore assets (whether relating to the Euro Pacific Bank or otherwise) this means that the tax office already has details about your offshore holdings. The taxman is giving you the opportunity to come forward and make a full disclosure, rather than facing a criminal investigation. HMRC have a team of specialists handling their offshore investigation programme. You need a specialist in your corner in order to avoid prosecution – and to get the best financial deal available. An early and full disclosure will limit the ultra-harsh penalties on offshore matters otherwise chargeable.

How can Lynam Tax Disclosure Experts help me?
Lynam Tax Enquiry Experts have a huge amount of experience of all the various Offshore Tax Amnesties. We have successfully had hundreds of Offshore Disclosure cases accepted by HMRC without any challenge. We have been acknowledged by HMRC’s Fraud Investigation Service unit as one of the UK’s leading specialists in using the Worldwide Disclosure Facility. We can help taxpayers with offshore assets and undeclared tax liabilities clear up their historic tax problems efficiently and with minimum hassle from the authorities; and are already doing so for a significant number of clients, with the full blessing of HMRC.

FOR A FREE, DISCREET, NO OBLIGATION DISCUSSION CALL TODAY:

Paul Lynam: 0845 643 9997
Andrew Nutbrown: 0771 877 8710