.png)
.png)
How much more does the government expect to squeeze from its perception of offshore tax evasion?
KEY POINTS
- More legislation is planned to tackle undisclosed offshore income.
- First offshore disclosure facility resulted in much less tax than HMRC had hoped.
- Outcome of subsequent opportunities including the LDF has disappointed.
- General opposition to the proposed new legislation.
The draft 2016 Finance Bill contains proposals for legislation to tackle offshore evasion in four specific areas. These involve:
- strengthening civil deterrents for offshore evaders;
- new civil sanctions for ‘enablers’ of offshore evasion;
- a new criminal offence for offshore evasion; and
- a new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’.
Taken with the existing penalties that apply to offshore evasion under FA 2007 Sch 24 – up to 200% of the evaded...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
