Yesterday's PAC exchanges were not the best. And they did not always hit their mark. And yet some fascinating insights came out.
For me one of the most striking was Lin Homer, CEO of HMRC, saying that HMRC had directed those they were investigating towards the Liechtenstein disclosure arrangement.
Why did they do that? Because that offered them two massive advantages. The first was almost no risk of criminal prosecution. And the second was penalties of no more than 10% in most cases when rates of 30% remain commonplace for simple mistakes made by taxpayers in the domestic economy.
My question is a simple one, and is whether or not it is the job of HMRC to help tax evaders mitigate their risk of tax penalties.
I would very strongly suggest it is not. That is for their advisers to do. I have certainly never seen it and have done my fair share of tax investigations in my time.
But, apparently if you're an offshore evader they go out of their way to help.
Why is that?