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Autumn Statement 2015: Tightening the net on tax evasion

Author

Andy Wood

Andy is a practical, creative tax adviser who assists a variety of clients in achieving their personal and commercial objectives in the most tax efficient manner.

With the Government’s committed aim to ensure everyone pays their ‘fair share of taxation’, the following has been announced regarding tax evasion:

  • Criminal offence for tax evasionA new criminal offence that removes the need to prove intent for the most serious cases of failing to declare offshore income and gains will be introduced;
  • Civil penalties for offshore tax evadersCivil penalties for deliberate offshore tax evasion will be increased, including the introduction of a new penalty linked to the value of the asset on which tax was evaded and increased public naming of tax evaders;
  • Civil penalties for those who enable offshore evasion – New civil penalties will be introduced for those who enable offshore tax evasion, including public naming of those who have enabled the evasion;
  • Criminal offence for corporates failing to prevent tax evasionA new criminal offence will be introduced for corporates which fail to prevent their agents from criminally facilitating tax evasion by an individual or entity;
  • An additional requirement to correct past offshore tax non-complianceA consultation will be published on an additional requirement for individuals to correct any past offshore non-compliance with new penalties for failure to do so.
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