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Focus on risk
Key points
- The corporate criminal offence (CCO) covers evasion of UK and overseas taxes.
- HMRC has issued guidance on the six guiding principles of preventative procedures.
- The CCO coming up on transactions due diligence where the purchaser is asking for demonstration of CCO compliance.
- Facilitation of tax evasion does not have to be complex. If there is a dishonest concealment or misrepresentation of facts that could be facilitation.
- Opportunity for corporates to be more efficient and effective in how they fulfil their obligations across tax evasion awareness anti-bribery and corruption and anti-money laundering.
The corporate criminal offence (CCO) is common shorthand for two ‘corporate offences of failure to prevent the criminal facilitation of tax evasion’ that were introduced as part of the Criminal Finances Act of 2017. The first offence covers the evasion of UK taxes and the second covers the evasion of overseas taxes. By ‘overseas taxes’...
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