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 proposes CCA scheme expansion, carbon factor update from 2027
April 28, 2026
The UK’s HMRC has issued a policy paper on 20 April 2026, outlining proposed updates to the Climate Change Agreements (CCA) scheme in the UK. The proposal focuses on expanding eligibility to additional energy-intensive activities, refining key
Read More
UK sets out economic response to Middle East conflict, outlines energy and tax measures
April 24, 2026
The UK HM Treasury has issued a statement delivered to Parliament by the Chancellor of the Exchequer, Rachel Reeves, setting out the Government’s economic response to the conflict in the Middle East, including a series of tax-related and energy
Read MoreUK: HMRC publishes draft CBAM regulations covering emissions monitoring and administration
April 15, 2026
The UK’s HMRC has issued draft regulations on the carbon border adjustment mechanism (CBAM) on 9 April 2026. The draft covers the administration of the tax, including emissions, as well as the monitoring and verification of emissions data. This
Read MoreUK: HMRC updates guidance on foreign income and gains regime (FIG)
April 10, 2026
UK’s HMRC has issued updated guidance on the foreign income and gains (FIG) regime on 6 April 2026, setting out eligibility criteria, claim procedures, qualifying income and gains, and the implications for tax allowances. Background: FIG
Read MoreUK: Financial Reporting Council issues guidance on generative, agentic AI in audits
April 06, 2026
The UK’s Financial Reporting Council (FRC) announced it has published guidance for audit firms on using generative and agentic AI tools in audit engagements on 30 March 2026. The guidance sets out how firms can mitigate risks to audit quality
Read More
Estonia: Government approves signing of income tax treaty with UK
March 27, 2026
Estonia’s government approved the signing of the income and capital tax treaty with the UK on 19 March 2026. The updated treaty is structured to comply with current international norms, in accordance with the OECD/G20 Base Erosion and Profit
Read More