Cross-party support is mounting in the UK for an anti-money laundering bill which could force the beneficial owners of companies based in the British overseas territories and Crown dependencies to be identified on a public register.
Former chair of the UK public accounts committee Margaret Hodge, who has repeatedly attacked the use of offshore tax avoidance schemes, has called for an overhaul of the British tax system.
The head of HM Revenue & Customs (HMRC) has come under fire for not taking action against UK citizens to prevent the HSBC tax evasion scandal.
The House of Commons’ Public Accounts Committee (PAC) led by MP Margaret Hodge has today launched a scathing attack on the “unhealthily cosy” relationship between the Big Four accountancy firms and the UK Government.
Tax experts have hit back at the Public Accounts Committee’s suggestion that tax avoiders should be “named and shamed”, arguing that such a policy could easily become disproportionate and counterproductive.
