Offshore Jurisdictions

Tax regulations have become tighter and a lot more controlled by the government. UK is a member of a number of Double Treaty Agreements globally which oblige authorities to help each-other in regards to tax collection and information exchange. The exchange of information today is rapidly becoming automatic.

UK Chancellor of Exchequer

UK Chancellor of Exchequer has launched a campaign shunning taxpayers with hidden offshore accounts hence making the process challenging. In most cases, tax havens have to ensure that the relevant information is provided by the clients and can be shared with relevant authorities. More freedom of information exchange on tax matters will be available once the Multilateral Convention is joined, especially for smaller states. Hence, this will help make company ownership information more transparent. This makes it harder to launder money, evade taxes, provide funding for terrorism and get involved in corruption.

UK tax authorities have also started implementing anti-abuse regulations also known as anti-avoidance regulations. Moreover, this stresses on the idea that tax avoidance is not a legal issue, but rather, an issue of morality.