Budget 2010: Offshore evaders face 200% penalty
Taxman has right to hit hard
Taxman has right to hit hard
Tax evaders that hide their money offshore now face penalties of up to 200%
of the tax due, government papers have confirmed.
Following a consultation launched in the 2009 Pre-Budget Report, the
government is set to legislate to ensure that those who fail to declare income
and gains from jurisdictions that do not automatically exchange information with
the UK will face much tougher penalties.
The government is also warning that it will look further at what information
it needs to collect on offshore assets, including offshore bank accounts.
The move follows two amnesties granted by the government that allowed tax
payers to declare offshore income and face penalties as low as 10%. Separately,
the Liechtenstein Disclosure Facility, which will run until 31 March 2015, is
expected to net nearly £1bn for the government in undeclared taxes, interest and
penalties.
Cathy Corns, tax partner at Mercer & Hole, said: ‘The revenue is losing
patience – there have been three amnesties, including the Liechtenstein deal,
and so it now feels it has the right to hit tax evaders hard.’
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceHMRC has experienced an increase in its revenue due to further investigations in the year 2018/19. Read More...
View articleThe research looked at Labour’s 2017 election manifesto proposals to raise the upper tax rates and found it would not necessarily generate more tax re...
View articleWhile supportive of suggestions to afford gig economy workers more rights and protections, industry reaction suggests more tax reform is needed for me...
View articleAs advisers prepare for another Autumn Statement, they and their clients hope to avoid the grip of more red tape Read More...
View articleMaking Tax Digital; CIMA's president taking up the chair role of its jointly-founded new international organisation; and new tax adviser conduct rules...
View articleA group of investors in film schemes HMRC has determined as tax avoidance are suing Ingenious Media, the company that offered the schemes, and leading...
View articleHMRC has collected £3bn by forcing those under investigation for tax avoidance to pay up disputed tax immediately Read More...
View articleIngenious Film Partners and HMRC have both claimed to have won a victory in their long-running tax dispute in a ruling which could leave many investor...
View article