The second biggest data leak of all time, after the Panama Papers, contains a vast 1.4TB of data which is over 13.4 million records. Some of the most infamous names ousted have included the Queen and corporations such as Facebook and Apple. The papers suggest that wealth has been sheltered in a vast array of structurally complex tax havens.
A Law firm highly involved in this leak, Appleby, has opposed the suggestion that any illegal actions has been committed, and that all clients are advised on legitimate methods to conduct their financial affairs.
This year the Government has introduced more legislation in a bid to tackle tax evasion, including the Criminal Finances Act 2017 and the Finance Bill 2017.
No action has yet been outlined by HMRC as investigations are still ongoing, but offshore tax affairs are now under the microscope.
If you have any concerns, please contact us for further advice.