HMRC gives those named in the Pandora Papers a chance to correct their tax affairs

HM Revenue and Customs (HRMC) announced on 12 June that it has started writing to UK residents named in the Pandora Papers leak to provide them with a chance to correct their tax affairs or face penalties and possible prosecution. The International Consortium of Investigative Journalists released more than 11 million records, otherwise known as the Pandora Papers, from 14 offshore financial service providers in 2021 and 2022, which included information on UK residents with untaxed offshore assets.