Panorama’s exposé of the Paradise Papers has uncovered the the tax affairs of many influential and wealthy individuals. However, tax experts are quick to clarify that not all the deals are illegal.
Mark Davies highlights that there are some cases of “tax evasion” and other cases involving “tax avoidance”. Tax evasion is “dodging tax that is due, while tax avoidance is taking steps to avoid paying tax that isn’t due – a move that is not illegal.” Panorama has uncovered some illegal tax evasion and this needs to be pursued by HMRC, he concludes.
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