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UK Tax Authority Unsure of Tax Owed on Offshore Assets, FT Says

May 29, 2022, 6:11 PM

The UK tax authority said it’s unsure how much tax has been evaded on £850 billion ($1.07 trillion) held by UK residents in offshore assets, the Financial Times reported, citing 2019 data from HM Revenue & Customs. That’s about 6% of the UK’s net household wealth of £14.6 trillion.

Some 1.2 million accounts with £570 billion of assets are held in tax havens, according to the report. Still, some of those accounts are owned by people who aren’t domiciled in the UK and aren’t subject to UK taxes, the FT said.

It’s “astonishing” that the tax authority has been ...