On 13 March 2019, the United Kingdom (“UK”) published the “No Safe Havens 2019 Strategy” (Link).
No Safe Havens 2019 outlines how Her Majesty’s Revenue and Customs (“HMRC”) will ensure offshore tax compliance. It covers a range of behaviors, from simple mistakes to avoidance and evasion. The strategy sets out how the UK will ensure offshore tax compliance and tailor its approach, helping customers get it right the first time, where possible.
This compliance strategy ensures people abide by the rules that Parliament sets. HMRC also leads international work to ensure those rules are appropriate and do not lead to unfair outcomes. The strategy states that International developments, championed by the UK, have also seen dramatic changes in tax transparency. In the past, jurisdictions with strict banking secrecy rules would not supply information to HMRC. Now, over 100 jurisdictions have committed to automatically exchange financial account information under the Common Reporting Standard (“CRS”).