UK on tail of hundreds of offshore tax cheats

(CNS Business): The UK’s revenue and customs office is on the trail of hundreds of wealthy individuals and companies as well as their accountants and lawyers who they believe are using complex offshore structures to conceal assets from the tax man. HMRC confirmed Thursday that it is working with the United States and Australian tax administrations (the IRS and ATO) on some 400 gigabytes of data that indicates the use of companies and trusts in a number of territories around the world, including the Cayman Islands. Officials said in a release yesterday from the UK government that the information is still being analysed but early results have already identified over 100 people who benefit from these structures and some are now under investigation for offshore tax evasion. Read more on CNS Business