Policy paper

No Safe Havens 2019: foreword from Mel Stride MP, Financial Secretary to the Treasury

Updated 16 May 2019

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It’s right and fair that everyone pays the correct tax, wherever in the world they or their assets are based. The majority do this voluntarily and the UK tax gap is at a near record low[footnote 1].

However, some do not. Since 2010, HMRC raised over £2.9 billion by tackling offshore tax non-compliance, enough to build 6 new hospitals.

The UK is at the forefront of the international tax agenda. Our leadership was key in driving increased collaboration between tax authorities, including through the ground-breaking Common Reporting Standard that is shedding new light on offshore financial accounts around the world.

In addition, the government has introduced new sanctions to help HMRC crack down on those who try to pay less tax than they should, as well as those who help them.

These efforts have transformed HMRC’s capabilities to tackle the risk that offshore arrangements pose. However, we are not complacent and recognise that more remains to be done. Some still try to hide money offshore. Others use contrived offshore arrangements in an attempt to avoid tax. Some make mistakes.

HMRC’s priority remains to promote compliance by making it easy for taxpayers to get their tax right first time, ensuring that individuals who want to do the right thing receive a service that is tailored to their circumstances.

HMRC will continue to crack down hard on those who try to avoid or evade paying the tax they owe, as well as those who help them, by investing in the latest technology and using its tough new penalties.

As this strategy sets out, the UK will continue to champion international tax transparency. HMRC will continue to help those who try to get it right and tackle those who go overseas in an attempt to pay less than they should.

Mel Stride MP, Financial Secretary to the Treasury

You can read the next section: No Safe Havens 2019: introduction.

  1. Measuring tax gaps 2018 edition - tax gap estimates for 2016 to 2017, page 4. HMRC: 14 June 2018. ↩

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