HMRC Initiates Contact with Residents Mentioned in Pandora Papers

HM Revenue & Customs (HMRC) has initiated contact with residents of the United Kingdom whose names appeared in the Pandora Papers, hinting that some of them may potentially face criminal liability.

Individuals mentioned in the files of 14 offshore financial service providers have the opportunity to regularize their affairs with the tax authority.

In letters sent out starting in April, recipients are urged to disclose all their foreign income or profits for which they owe British taxes, or face penalties of up to 200 percent of any outstanding tax amount or legal action.

Debtors have 30 days from receipt of the letters to contact HMRC. Those unsure if they owe any taxes are encouraged to seek advice from tax consultants.

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