Tax Expert Andrew Watters Comments

Tax experts from Irwin Mitchell Private Wealth are urging offshore investors to be aware of the “unprecedented” level of information that will be available to the UK revenue authorities in 2017 under new Common Reporting Standards (CRS). 

CRS - developed by the OECD and endorsed by the G20 finance ministers in February 2014 - are designed to provide a worldwide annual snapshot on the wealth of clients.  The new rules will subject their tax reporting to new standards and provide HM Revenue and Customs with a huge amount of financial information designed to counter tax avoidance and evasion.

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