Net is closing on evaders

The Treasury has launched a campaign warning offshore tax evaders that, from 2017, HMRC will start to receive details of UK taxpayers with offshore accounts and trusts from more than 90 countries, under new global agreements.

As part of the new regime, the Liechtenstein disclosure facility and crown dependency disclosure facilities will close on 31 December 2015. They will be replaced by a final, tougher facility from 2016. Taxpayers who continue to evade will face new harsher financial and criminal sanctions.

HMRC already analyse vast quantities of data to detect people who are evading tax by exploiting offshore structures.

For more information, see here.

Issue: 4529 / Categories: News , Compliance