The March 2015 Budget indicated steep increase in HMRC’s ‘war’ on offshore tax evasion.
A proposed introduction of a ‘strict liability’ criminal offence for offshore evasion in the most draconian
Strict liability means that if you have undeclared liabilities relating to an offshore account you are by definition guilty – the absence of any intention to evade tax will not be a defence.
Over the next few years HMRC estimate that they will receive information including names, addresses, account numbers and balances on up to two million UK taxpayers with offshore accounts.
We anticipate a new disclosure facility expected to run to mid-2017 but details have yet to be announced
One thing for sure is penalties will be higher and there will be no guarantee that criminal prosecutions will not be pursued. This new disclosure facility is being billed as the last chance to disclose before HMRC start to automatically receive information in respect of offshore accounts.
Call Lindsay in confidence for a free consultation on 07584 706664.