New criminal offence and penalties for offshore tax evaders
- Consultation on new criminal offence for offshore tax evasion – this consultation concerns a new strict-liability criminal offence of failing to declare taxable offshore income and gains. Details of the consultation can be found here.
- Consultation on extended civil penalties for offshore tax evasion – this consultation paper sets out the government’s plans to introduce tougher civil sanctions for offshore evaders, including those who move their taxable assets between offshore banks in different countries in an attempt to hide their wealth and evade tax. Details of the consultation can be found here.
Both consultations are open until 31 October 2014.