Yet another tax haven has now agreed to pass information about secret offshore bank accounts to the British taxman: following an agreement this week with the principality of Monaco.
A European Commission press release, issued under the heading “fighting tax evasion”, confirmed that the EU and Monaco have this week signed a new “tax transparency agreement”. The EU signed similar agreements with Switzerland, San Marino, and Liechtenstein in 2015, and with Andorra earlier this month.
The information will start being gathered from 1 January 2017. Then in 2018, Monaco and all EU Member States will automatically exchange information on the financial accounts of each other’s taxpayers. HMRC in the UK will be given the names; addresses; dates of birth; and tax identification numbers of all British residents with bank accounts in Monaco – plus other financial information, such as account balances.
What does this mean for me?
If you have a bank account in Monaco (or any other so-called tax haven), then UK tax inspectors will know about it within the next two years or so. Unless you make a voluntary disclosure in the near future then you are likely be investigated by HMRC. Criminal prosecution is a distinct possibility.; with conviction possibly lead to a jail term and a confiscation order. Instead, you could take the opportunity to disclose matters to taxman – and clean up past tax irregularities on favourable terms.
How can Lynam Tax Enquiry Experts help me?
We have huge recent experience of sorting out the disclosure of past tax problems associated with offshore bank accounts and assets. We can ensure that your tax issues are regularised quickly and on the best terms possible.
*For your free; discreet; no obligation; consultation, call today:
Paul Lynam: 0845 643 9997
Andrew Nutbrown: 07718 778710