UK Aims to Publish Assessment of Offshore Tax Gap by 2027

The UK tax authority is aiming to publish an assessment of the tax gap related to undisclosed foreign income in 2027.

His Majesty’s Revenue and Customs has evaluated a range of options to publish regular estimates of the offshore tax gap—the difference between expected tax and actual tax collected—that are methodologically robust and clear, it said in an official response to Parliament released Thursday.

“Although there is no firm timetable for publishing, we expect this to be 2027,” HMRC said in the Treasury Minutes, the government’s formal response to parliamentary committee recommendations.

HMRC told the Public Accounts Committee last year ...