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Criminal offence for offshore evaders in force

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The new strict-liability criminal offence for offshore tax evaders came into force on 7 October 2017 by virtue of the Finance Act 2016, Section 166 (Appointed Day) Regulations, SI 2017/970. The new offence removes the need for prosecutors to prove intent where taxpayers fail to notify HMRC, or make an inaccurate return, of liability to tax above a specified threshold amount (expected to be £25,000) in respect of offshore income and gains. The offence will apply for the tax year 2017/18 onwards, which means the earliest date an offence under the new legislation can be committed is 6 October 2018, following expiry of the tax return filing deadline for that year.

Issue: 1372
Categories: News