New criminal offence proposed to catch tax evaders
People who fail to declare offshore tax liabilities could face prosecution under proposed new laws published for consultation today.
HM Revenue & Customs has urged wealthy individuals to come forward and pay what they owe in advance of the new offence.
HMRC said most offshore cases will continue to be dealt with through a civil approach.
However, a further consultation paper sets out the government’s plans to introduce tougher civil sanctions for offshore evaders, including those who move their taxable assets between offshore banks in different countries in an attempt to hide their wealth and evade tax.
Financial secretary to the Treasury David Gauke said: ‘The minority who use offshore secrecy to evade UK tax are making a big mistake. There is nothing wrong with holding assets offshore, but investors must pay the tax they owe here.’
‘Those that don’t come forward must face tough consequences, including a criminal conviction,’ he said.
Source: lawgazetteuk
