HMRC lacks staff to investigate over 5.7 million offshore tip-offs

The HMRC does not have the staff to investigate all the offshore tip-offs it gets, after being swamped with a staggering 5.7 million pieces of information about overseas bank accounts held by three million British citizens. The information is coming from 100 countries under common reporting standards (CRS) agreed by the international Organisation for Economic Co-operation and Development. The standards are designed to stop tax evasion, or avoidance, by making governments aware of overseas money held by their citizens.  However, HM Revenue & Customs (HMRC) does not have enough people t...