HMRC Chasing UK Residents Dodging Tax Named in Pandora Papers

Hundreds of UK residents named in the leaked Pandora Papers are now being pursued by HMRC for unpaid taxes and to quote HMRC has asked for people “to be honest and pay tax owed”.

What are the Pandora Papers?

The leaked Pandora Papers unveiled offshore and tax haven from 14 offshore financial services providers that provide 11 miliion records of anonymous ownership (hidden names of beneficial owners) of shell companies, offshore ‘secret’ accounts, private jets, artworks by Picasso and Banksy, mansions, yachts, and much more.  The Pandora Papers were leaked in 2021 and is one of the largest journalist investigations in history exposing an anonymous financial system that benefits the wealthy, famous and powerful by hiding wealth and ownership.

Is HMRC Writing to You?

UK residents who were named in the leaked Pandora Papers are being given the chance to correct their tax affairs by HMRC.  Letters from HMRC wil start to be issued this month and warn people to report all their overseas income or gains that they owe UK tax on, or face penalties of up to 200% of any tax due or prosecution.

Kirsty Telford, Deputy Director for Offshore at HMRC’s Risk and Intelligence Service said: “Tax evasion is increasingly global – but, unfortunately for tax criminals, so is HMRC’s reach, accessing data and intelligence through international collaboration.”

Under “Disclosure Facilities” made available by HMRC, individuals can complete forms to make correct disclosures voluntarily but if they do not and they are found to have commiited tax eveasion and fraud, they will face the 200% penalty.

Comment

Why is is that some people that have so much wealth become greedier?  Pay your taxes please and comply with the law.  Likewise, the tax burden on the wealthy is way too big when there are so many people in our society that conribute nothing at all i.e., the economically inactive that still receive benefits, free dentistry, free housing, free presecriptions, free eye tests, state pension credits and more when they are actually able to work.

Do not get us wrong, those that are disbabled or less abled physically or mentally or those that are retired should get all that they need to live comfortably, but those that are healthy and physically able to work and do not, should contribute in some way to society.  Equally, wages for those working should be at a level where employees do not need to claim benefits when sometimes their wealthy business owners are declaring huge dividends for themselves and other shareholders.  Perhaps, dividends should be banned for firms that do not offer a real ‘living wage’?