About the company > News and mailing > Jurisdictions news > UK toughens criminal penalties for tax evaders

UK toughens criminal penalties for tax evaders


				18.04.2014
						 

The UK Government holds consultations on the issue of introduction of new types of criminal offenses for hiding money in offshores. In light of new amendments the tax authorities do not have to prove that taxpayers, who have unreported income in offshores, did not pay income tax intentionally. Thus, to prosecute criminally a taxpayer for tax evasion it is enough to prove that he has income in offshores and does not declare it.

Also the Government considers possible measures to toughen existing penalties for tax evaders. HM Revenue & Customs claims that it is ready to provide a financial reward to whistleblowers for significant information that helps uncover offshore hidden untaxed assets. These amendments are connected with a strategy on fighting against offshores «No safe havens», which can be found on the Government’s website.

Based on: https://www.gov.uk/government/news/government-to-introduce-new-criminal-offence-for-tax-evaders

Expert’s opinion

It is important to pay taxes. The truth is simple. The UK chose the easy route: if you have an offshore company – pay taxes.

The question is how to structure and to optimize a business correctly, because if one pays all taxes one will end up losing his shirt.

Irina Lomakina ( Director of “Honest & Bright” Company Moscow office)

Back to the list

Quickly and confidentially.
A qualified expert will give you a free consultation by telephone, help to determine the position and make an appointment at any time that suits you.
Call just now by phone: +44 203 608 22 48
E-mail us: london@hbcomp.co.uk


News

03/25/2024 18:25:00

Does the EU stop visa-free travel?

The European Union plans to update the mechanism that allows suspendin ...

Read more

03/20/2024 10:50:00

The 10 happiest and most unhappy countries in the world

The Sapien Labs research group has published an annual report on th ...

Read more

03/19/2024 10:35:00

Romania: new conditions for EU blue cards

On March 8, 2024, new rules governing the use of EU Blue Cards and ...

Read more