The UK tax authority HMRC has received information indicating the extensive use of tax schemes to hide assets in overseas locations and it is working with the governments of Australia and the US to analyze a large amount of data. The data indicates the use of jurisdictions such as the Cayman Islands, Cook Islands and the British Virgin Islands (BVI). HMRC indicates that analysis of the data has so far enabled them to identify around a hundred taxpayers and two hundred tax advisers who may be involved in tax evasion through the use of low tax jurisdictions. The data obtained may also be shared with other jurisdictions.
Related Posts
UK: HMRC publishes guidance on registration rules for tax advisers
February 25, 2026
UK HMRC published guidance on 17 February 2026, Check if and when you need to register as a tax adviser with HMRC, together with the related guidance Check if you meet HMRC's conditions to register as a tax adviser. Check if and when you need to
Read More
Peru, UK tax treaty enters into force
February 19, 2026
The income and capital gains tax treaty between Peru and the UK entered into force on 21 January 2026. Signed on 20 March 2025, the agreement aims to eliminate double taxation, prevent tax evasion and avoidance, and improve dispute resolution
Read More
J5 warns OTC crypto desks and processors enable tax evasion, money laundering
February 16, 2026
The Joint Chiefs of Global Tax Enforcement (J5) published two law enforcement advisories on 11 February 2026 that detail how over-the-counter (OTC) cryptocurrency trading desks and cryptocurrency payment processors may be used to obfuscate and move
Read More
UK: HMRC issues new rules for vaping duty, stamps
February 13, 2026
The UK’s tax authority (HMRC) has updated its guidance on preparing for vaping products duty and the vaping duty stamps scheme on 10 February 2026. Purpose of the policy Vaping Products Duty was introduced in autumn 2024, with Vaping Duty
Read More UK: HMRC launches CBAM policy paper, draft legislation for consultation
February 13, 2026
The UK’s tax authority (HMRC) has released a policy paper outlining its approach to the carbon border adjustment mechanism (CBAM) on 10 February 2026. The Carbon Border Adjustment Mechanism (CBAM) legislation and guidance is being developed in
Read More
India: Tax Authority appeals high court ruling on treaty limits to dividend tax
February 06, 2026
The Indian Income Tax Department filed a special leave petition before the Supreme Court on 30 January 2026, challenging a Bombay High Court ruling that held Dividend Distribution Tax (DDT) could be limited by applicable tax treaties. The appeal
Read More