Paradise Papers – comment by Manchester tax penalty expert, George Rowell

Commenting on the Paradise Papers, George Rowell, barrister at Exchange Chambers in Manchester said:

 “This incident of illegal hacking should not obscure the fact that HMRC now have much greater legal powers to obtain information about offshore investments.

 “Any UK resident with undeclared offshore assets or income would be well advised to put their affairs in order before HMRC catch up with them. If bona fide tax planning was entered into on professional advice, the taxpayer may have a complete defence to any tax penalty or at least strong grounds for mitigation.”

 

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