Britain's revenue collection agency is unlikely to undertake enforcement actions against banks for tax evasion anytime soon due to political pressures, conflicts of interests and insufficient resources, researchers believe. In a report commissioned by the U.K. Labour Party, 14 academics told parliamentarians Thursday that HM Revenue & Customs (HMRC) has been "woeful" in its efforts to prosecute tax dodgers, "and even when handed a massive dossier on tax evasion facilitated by HSBC, it failed to act decisively." The department, which initiated only 11 prosecutions related to offshore tax evasion between 2010 and 2015, has more generally been "soft" on large...
The United Kingdom may soon require tax dodgers with undeclared offshore assets to disclose information on the financial institutions and individuals who abetted their violations, British officials said Wednesday.
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