Tax evaders are set to face tough new sanctions under plans detailed by HM Revenue and Customs today.
The proposals will mean that those who do not come forward and pay outstanding tax from offshore investments and accounts, could face even tougher penalties of up to three times the tax they try to evade, and increase their risk of possible criminal charges.
From October 2016, HMRC will start to receive data on those offshore accounts in the Crown Dependencies and Overseas Territories – one year ahead of even more data coming in from across the globe, when the Common Reporting Standard comes into force.
HMRC said their message is simple “come to us pay the tax and penalties that are due, before we target you with the introduction of even tougher sanctions and game-changing data”.
If you would like to discuss, or want help, call David Nash on 01788 539000.