Higher offshore tax evasion penalties explained
By Kirsten Hastings, 3 Jul 18
The UK taxman has updated its factsheet on how it calculates new penalties for offshore tax evasion involving income tax, capital gains tax and inheritance tax.
Outing the enabler
In addition to the offshore assets, HMRC wants information about:
- Anyone who encouraged, assisted or facilitated the offshore tax evasion or non-compliance; and,
- Assets held in any country outside the UK and any people or entities engaged to hold the assets on behalf of the evader.
HMRC will take into account the quality of information disclosed when working out any reduction in the penalty. What it wants to know includes and is not limited to:
- The name and address of the enabler,
- A description of what the enabler did to encourage, assist or facilitate the evasion,
- A description of how first contact was made and later maintained,
- The name/address of any joint beneficial owner of the asset held abroad,
- Details of where the asset is/was held.
Click through to see the penalties
Tags: HMRC | Tax Evasion
