Kuits expert invited onto international panel to discuss the future of tax havens04 May 2017
Manchester commercial law firm Kuits has been invited onto a panel of international experts to discuss the changing landscape of offshore tax evasion.
Kuits’ Executive partner and specialist in tax investigations, Robert Levy, will join lawyers from the US, the Netherlands and Malta at the TAGLaw Spring 2017 International Conference in Paris today to discuss whether ‘tax havens’ are fast becoming a thing of the past.
The panel was formed in reaction to last year’s widely publicised ‘Panama Papers’ leak, which placed a spotlight on the practice of utilising tax haven jurisdictions for their highly favourable tax benefits.
Several corporations, individuals and professional advisors have since come under fire for their approach to offshore tax planning and structuring. Now, a growing number of countries are adopting Common Reporting Standards (CRS) and calling for transparent exchange of information internationally in order to make it impossible for taxpayers to hide assets abroad.
An established expert in this field, Robert Levy was invited to speak on BBC Breakfast as the Panama Papers scandal hit last year, and was asked back onto the couch a week later to discuss the furore surrounding the identification of the father of then-UK Prime Minister, David Cameron, in the leaked information.
In anticipation of his panel appearance, Robert Levy commented: “Over the last few years, the tax world has become increasingly small, with HMRC receiving publicity for its deals with both Switzerland and Liechtenstein in particular. In 2017 and beyond, it looks to get smaller still as the agreement to exchange information between over 100 countries takes effect.
“There is no law in the UK against a UK taxpayer holding an investment overseas. What is against the law is not disclosing the fruits of that investment – that is, any income or gains which should be reported on tax returns. If you don’t report when you should, the increasing visibility HMRC has over data from offshore jurisdictions may very well lead them to your door in the near future.”
Kuits has grown into one of the UK’s leading law practices in advising clients on the disclosure of undisclosed assets held in offshore jurisdictions, serious HMRC investigations, and defending or challenging investigations believed to be unfounded. The firm also appears on the preferred adviser list of a number of major offshore banks.