Building up their powers

KEY POINTS

• Swingeing potential penalty for tax evaders using offshore accounts.
• New system for late indirect tax returns.
• Security required from non-compliant employers.
• Disclosure of tax avoidance schemes regime revised.

The new powers regime has received plenty of coverage and has been a recurring subject for several years. The current Budget is no exception with announcements on powers relating to offshore tax evasion late filing of certain tax returns excise and payment of PAYE.

Offshore evaders

Looking first at offshore tax evasion proposals to tackle this problem were published in a consultation document in December 2009 and the responses have been published with this year’s Budget report.

The Government is taking an increasingly no holds barred approach to individuals who try to shelter income from UK tax system using overseas bank accounts.

In essence...