Private Clients - 25 Nov 2015
A range of new anti-avoidance and evasion measures were announced. These focus on what the government considers to be abusive practices at both individual and corporate levels.
- New civil penalties for offshore tax evaders. In addition to ‘naming and shaming’, the new penalty will be linked to the value of the asset on which tax was evaded.
- New civil penalties for third parties who enable offshore tax evasion, including ‘naming and shaming’.
- Consultation on introducing a requirement to “correct past offshore tax non-compliance”.
- A new penalty equal to 60% of tax due will be levied on cases successfully tackled by the GAAR.
- The GAAR only applies to arrangements entered into on or after 17 July 2013. Consequently HMRC’s earliest enquires involving a GAAR aspect are probably still works in progress. It would seem that this new penalty is being introduced in time for when the first enquiries with a GAAR aspect are resolved in HMRC’s favour.
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