Recent developments in the private client arena are as follows.
On 19 August 2014 HMRC launched consultations on a new strict liability criminal offence of failing to declare taxable offshore income and gains and on strengthening civil sanctions for tax evasion involving hiding taxable income gains and assets offshore. Views are sought on several issues including the scope of the offence and the sanctions for those found guilty which include imprisonment. The consultation is open until 31 October 2014.
The proposed new offence was covered in our April briefing but at that time there was no mention of the offence also applying to offshore...
