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How much more does the government expect to squeeze from its perception of offshore tax evasion?
KEY POINTS
- More legislation is planned to tackle undisclosed offshore income.
- First offshore disclosure facility resulted in much less tax than HMRC had hoped.
- Outcome of subsequent opportunities including the LDF has disappointed.
- General opposition to the proposed new legislation.
The draft 2016 Finance Bill contains proposals for legislation to tackle offshore evasion in four specific areas. These involve:
- strengthening civil deterrents for offshore evaders;
- new civil sanctions for ‘enablers’ of offshore evasion;
- a new criminal offence for offshore evasion; and
- a new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’.
Taken with the existing penalties that apply to offshore evasion under FA 2007 Sch 24 – up to 200% of the evaded...
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