UK Lawmakers Press Tax Authority for Update on Offshore Tax Gap

Members of the UK Parliament asked the tax authority Thursday for an update on its efforts to fully estimate the tax gap related to undisclosed foreign income.

His Majesty’s Revenue and Customs should tell the lawmakers when it expects to publish either an improved estimate or more up-to-date figures on the offshore tax gap, the difference between expected tax and actual tax collected, the Public Accounts Committee said in a letter.

• The tax authority told the committee last year that its latest estimate of a £300 million ($409 million) tax loss for 2018-19 due to undisclosed foreign income ...