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
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)
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