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The days of any safe havens for tax evaders are numbered, says HMRC (26 August 2016)

Date: 26/08/2016
Duncan Lewis, Legal News Solicitors, The days of any safe havens for tax evaders are numbered, says HMRC

HM Revenue & Customs (HMRC) has announced that tax evaders are set to face tough new sanctions under proposals which would mean that those who do not come forward and pay outstanding taxes from offshore investments and accounts could face even tougher penalties of up to three times the tax they try to evade – as well as increasing their risk of potential criminal charges.

HMRC says that, from October 2016, it will be even better able to target tax evaders, when it starts to receive an unprecedented amount of data on those with offshore accounts in the Crown Dependencies and Overseas Territories – one year ahead of even more data being made available from across the globe, when the Common Reporting Standard comes into force.

The Financial Secretary to the Treasury, Jane Ellison, said:

“Every penny of tax that people evade deprives our public services of essential funding – and we are focused on collecting all tax that is due.

“From October, we will start to receive data on the offshore finances of UK taxpayers.

“This is a game-changer in the fight against evasion – and it’s time for anyone who is evading tax to do the right thing and pay what they owe.”

Director General of Enforcement and Compliance for HMRC, Jennie Granger, added:

“HMRC is getting tougher on tax evasion – it’s a crime which unfairly places a greater burden on the vast majority of people and businesses who pay the tax that they owe on time.

“We are determinedly tackling this – we will find those who think they can dodge paying tax in this country.

“We’ve closed old disclosure facilities, increased penalties, and ramped up our powers to tackle evaders and those that help others evade – the days of any safe havens for tax evaders are numbered.

“Our message is simple – come to us pay the tax and penalties that are due, before we target you with the introduction of even tougher sanctions and game changing data.”

Alongside the changes, HMRC will open its Worldwide Disclosure Facility (WDF) from 5 September 2016. The WDF, announced at Budget 2015, allows those with outstanding tax to pay to put their affairs in order and will offer no special terms. HMRC will release further details when it opens.

Since 2009, HMRC has secured a total of 13 offshore specific prosecutions.

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