This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-22466922

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
UK tax evasion action hunt identifies 100 individuals UK tax evasion action hunt identifies 100 individuals
(about 9 hours later)
A joint investigation by the UK, the US and Australia to identify those using offshore tax havens to hide wealth has uncovered more than 100 people.A joint investigation by the UK, the US and Australia to identify those using offshore tax havens to hide wealth has uncovered more than 100 people.
Her Majesty's Revenue and Customs (HMRC) said some of these were already under investigation for tax evasion.Her Majesty's Revenue and Customs (HMRC) said some of these were already under investigation for tax evasion.
It said it has obtained large quantities of documents which reveal those, along with professional advisers, who may be involved.It said it has obtained large quantities of documents which reveal those, along with professional advisers, who may be involved.
Evasion is illegal, tax avoidance is not.Evasion is illegal, tax avoidance is not.
The hunt was sparked by a joint investigation by the BBC's Panorama programme, the Guardian newspaper and the Washington-based International Consortium of Investigative Journalists.
HMRC is working on the material, which it describes as 400 gigabytes of data, with the tax authorities in the United States and Australia.HMRC is working on the material, which it describes as 400 gigabytes of data, with the tax authorities in the United States and Australia.
So far HMRC has pinpointed more than 100 people from the information, whom it says benefited from using offshore havens such as Singapore, the British Virgin Islands, the Cayman Islands, and the Cook Islands to hide their assets.So far HMRC has pinpointed more than 100 people from the information, whom it says benefited from using offshore havens such as Singapore, the British Virgin Islands, the Cayman Islands, and the Cook Islands to hide their assets.
More than 200 UK accountants, lawyers and other professional advisors will also be scrutinised.More than 200 UK accountants, lawyers and other professional advisors will also be scrutinised.
HMRC refused to disclose where the documents came from, but an official suggested they constituted the largest haul of offshore tax evasion data obtained so far.HMRC refused to disclose where the documents came from, but an official suggested they constituted the largest haul of offshore tax evasion data obtained so far.
Tax evaders risk being charged fines equivalent to 200% of the amount of tax they should have paid.Tax evaders risk being charged fines equivalent to 200% of the amount of tax they should have paid.
'Weapon''Weapon'
The chancellor, George Osborne, said: "The message is simple: if you evade tax, we're coming after you.The chancellor, George Osborne, said: "The message is simple: if you evade tax, we're coming after you.
"This data is another weapon in HMRC's arsenal.""This data is another weapon in HMRC's arsenal."
Last week, Bermuda and other British overseas territories with financial centres signed agreements on sharing tax information.Last week, Bermuda and other British overseas territories with financial centres signed agreements on sharing tax information.
The move follows similar recent deals with Jersey, Guernsey and the Isle of Man.The move follows similar recent deals with Jersey, Guernsey and the Isle of Man.
It is aimed at tracking down banking clients who escape paying taxes by hiding their money overseas.It is aimed at tracking down banking clients who escape paying taxes by hiding their money overseas.
An international drive against tax evasion and the use of tax havens has been picking up steam.An international drive against tax evasion and the use of tax havens has been picking up steam.
HMRC itself is under scrutiny by a judge, who has being asked to decide if HM Revenue and Customs (HMRC) acted illegally by letting investment bank Goldman Sachs off part of its tax bill.HMRC itself is under scrutiny by a judge, who has being asked to decide if HM Revenue and Customs (HMRC) acted illegally by letting investment bank Goldman Sachs off part of its tax bill.
HMRC admits it made a mistake in finalising the deal, but says it did not do anything illegal.HMRC admits it made a mistake in finalising the deal, but says it did not do anything illegal.
Campaign group UK Uncut Legal Action claims the taxpayer missed out on up to £20m as a result of what it calls a "sweetheart" deal.Campaign group UK Uncut Legal Action claims the taxpayer missed out on up to £20m as a result of what it calls a "sweetheart" deal.
The one-day hearing is due to go ahead at the High Court in London later.The one-day hearing is due to go ahead at the High Court in London later.