HMRC's recent boast in an advert in the Sunday Times, in which it states that more than 90 countries and jurisdictions that are set to commence the sharing of financial information on UK taxpayers, has been called into question by tax professionals.
Doubts have been raised over whether HMRC can readily handle, and make use of, the information garnered through the arrangements.
Nigel May, a senior tax partner at MHA MacIntyre Hudson, is quoted by AccoutancyAge:
"Campaigns like this are all well and good but questions remain over the ability of HMRC to use the information they gain from this high profile action.Time will tell as to whether HMRC's boasts reflect reality.
We have found that similar previous advertising tended to flush out taxpayers who had in fact fully complied and were just terrified by the inherent underlying threat.
And we also know of other instances of cases where there was undeclared tax due of under £100 which would undoubtedly have cost the revenue more in administration costs than the small sum they received."
Tax does have to be taxing.
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