Tax evaders face new sanctions on offshore interests

HMRC has published a consultation on new legislation that will require taxpayers to correct outstanding tax liabilities relating to offshore interests by the end of September 2018.

At the end of that period any person who has failed to do so will be subject to a new set of sanctions for this ‘failure to correct’. These could result in penalties of up to three times the unpaid tax and increase the risk of criminal charges.

The consultation invites views on the proposed principles and design features of the new regime. The legislation is expected to be included in Finance Bill 2017.

Details are on GOV.UK .  Responses should be emailed here by 19 October.

Alongside these changes HMRC said that it will launch its worldwide disclosure facility on 5 September 2016.

Announced in the 2015 Budget this will allow those with outstanding tax to pay to put their...