New clampdown on income tax fraud
A new statutory offence of evading income tax will come into force from 1 January 2001, under a new clause tabled by the government to the Finance Bill today.
Paymaster general Dawn Primarolo said: ‘The new statutory offence will be just one in a package of measures aimed at cracking down on the informal economy.
Our message is simple – get the confidential advice and help offered by the Inland Revenue to help join the legitimate world of work, or face the consequences in six months time.’
The new offence may be tried either summarily in the magistrates’ court or on indictment in the Crown court (and in the appropriate courts in Scotland and Northern Ireland).
On summary conviction the penalty is up to six months in prison or a fine of up to £5,000, or both. On indictment the penalty is up to seven years in prison or an unlimited fine, or both.