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No hiding place
KEY POINTS
- No safe haven for tax evaders.
- Requirement to correct can be used for all types of offshore irregularities.
- HMRC has many sources to hear about undeclared tax liabilities.
- Tax-geared penalties under the failure to correct are as high as 200%.
- The Revenue is taking its anti-evasion message overseas.
Over recent years HMRC has adopted a zero-tolerance attitude towards offshore tax evasion with a view to achieving its objectives set out in No Safe Havens. It has sent a clear message that the days of any safe havens for tax evaders are numbered.
In December 2016 the government published draft legislation for Finance Bill 2017 and its response to the consultation document Tackling Offshore Tax Evasion: a requirement to correct. The intention is for the legislation to come into...
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