HMRC have implemented a new regime, which plans to clamp down on offshore evaders. The regime, which HMRC will be able to consult from as of today, consists of:
• a new criminal offence for offshore evasion – so in the worst cases it’s no longer possible to plead ignorance in an attempt to avoid criminal prosecution
• a new criminal offence for corporates who fail to prevent tax evasion or the facilitation of tax evasion on their watch
• increasing the financial penalties faced by evaders – including, for the first time, linking a penalty to the value of the asset hidden offshore
• new civil penalties on those who facilitate evasion so they will face the same penalty as the tax evader
• publicly naming both evaders and those who enable evasion
David Gauke who is the Financial Secretary to the treasury said:
“Time’s up for people who don’t pay their fair share of tax by hiding their money offshore. People who evade tax, facilitate or turn a blind eye to tax evasion will now face powerful criminal and civil sanctions under our tough new regime.
We’ve already seen over 90 countries across the world sign up to automatically exchange information on taxpayers. This, together with our new sanctions, will mean there is nowhere left to hide for offshore tax evaders.”
HMRC have previously collected over £2 billion through offshore income in what has been a massive attempt in tackling offshore evasion.
Offshore disclosure facilities such as the Liechtenstein Disclosure Facility will end in December this year, as announced in March’s 2015 Budget and will be replaced by more robust and tougher agreements.
If you have offshore monies to declare to HMRC please go to our disclosure pages to find out how.