Chancellor announces new proposals to tackle offshore tax evasion

A new strict liability offence relating to evasion of offshore income has been outlined in an updated version of HMRC’s strategy document entitled “ No Safe Havens” issued on 14 April 2014 by Chancellor George Osborne.

Penalties for conviction under the new offence will include prison sentences, although no further details are available so far. Historically courts have been reluctant to impose criminal sanctions in the past because of the difficulty in showing intent.

Guaranteed to face strong opposition, the document says consultation on the new offence will start later this year.

To discuss this matter in further detail contact our wealth planning specialist, Robert Drysdale.

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