Dawn Register and Matthew Watkins look at how HMRC is strengthening its offshore strategy with the introduction of the new No Safe Havens strategy
Along with this year’s Spring Statement HMRC took the opportunity to publish its refreshed strategy on tackling all forms of offshore tax non-compliance, known as ‘No Safe Havens 2019’. The document brings together in one place HMRC’s approach towards offshore tax compliance.
The previous strategy, ‘No safe havens 2014’, focussed only on offshore evasion whereas the 2019 version has a far greater reach. The new approach targets offshore avoidance as well as offshore evasion and covers a range of taxpayer behaviours. This more comprehensive response to the challenges faced by offshore tax non-compliance perhaps reflects HMRC’s much better understanding of the complexities around offshore tax risks.