US, Australia, and UK announce plan to share data to combat offshore tax evasion

The tax administrations from the United States (the Internal Revenue Service (IRS)), Australia (the Australian Tax Office (ATO)) and the United Kingdom (HM Revenue & Customs (HMRC)) announced, on 9 May 2013, a plan to share tax information with regard to a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. The announcement was made in an IRS News Release (IR-2013-48).

According to the News Release, the three countries have acq…