HMRC have reminded ‘tax evaders hiding money offshore’ that penalties for non-compliance will be linked to the ‘tax transparency’ of the country involved, beginning with 2011/12 tax returns.
A Treasury Order made earlier this week divides territories into three groups to determine the level of penalty for non-compliance. The maximum penalty for an inaccuracy relating to income or gains arising in a ‘category 3’ territory will be 200% of the tax evaded.
‘We have made significant progress tackling international tax evasion and closing in on tax havens in recent years. This is the next step in increasing the deterrent against offshore non-compliance – and those who decide to take the risk will feel the full force of HMRC’s new penalties,’ said Dave Hartnett, HMRC’s Permanent Secretary for Tax.
‘HMRC seem to be finding themselves in possession, by one means or another, of a great deal offshore bank account information,’ said Richard Clarke and Jessica McLellan of PwC, writing in Tax Journal on 11 March.
HMRC have reminded ‘tax evaders hiding money offshore’ that penalties for non-compliance will be linked to the ‘tax transparency’ of the country involved, beginning with 2011/12 tax returns.
A Treasury Order made earlier this week divides territories into three groups to determine the level of penalty for non-compliance. The maximum penalty for an inaccuracy relating to income or gains arising in a ‘category 3’ territory will be 200% of the tax evaded.
‘We have made significant progress tackling international tax evasion and closing in on tax havens in recent years. This is the next step in increasing the deterrent against offshore non-compliance – and those who decide to take the risk will feel the full force of HMRC’s new penalties,’ said Dave Hartnett, HMRC’s Permanent Secretary for Tax.
‘HMRC seem to be finding themselves in possession, by one means or another, of a great deal offshore bank account information,’ said Richard Clarke and Jessica McLellan of PwC, writing in Tax Journal on 11 March.
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