04 January 2017
Offshore tax evaders face New Year clampdown
A new clampdown on financial advisers who enable their clients to evade tax offshore has come into force this week.
The rules will hit the likes of accountants and bankers with fines, if they are found to have deliberately assisted with tax evasion. The value of these fines will either be £3,000, or up to 100% of the tax which was evaded.
HM Revenue and Customs will also now have the power to publicly name and shame those who are enabling tax evasion.
The new powers were originally put forward in the March 2015 Budget, while the legislation for them was included in the Finance Bill 2016.
Commenting on the measures, Financial Secretary to the Treasury Jane Ellison emphasised that tax evasion remains a criminal offence.
She added: " The raft of measures we have introduced to tackle avoidance and evasion will create a level playing field for the vast majority of people and businesses who play fair and pay what is due."
According to government data, more than £2.5 billion in additional revenue has been specifically generated from offshore tax evaders since 2010.