Over the next two years, many taxpayers will find that they are spending more time and resources providing information to HMRC, some of which will be shared with overseas authorities under tax information exchange agreements; and, under country by country and tax strategy requirements, making available information about how they structure their tax affairs. Taxpayers will also face the risk of increased penalties for failing to comply with new measures designed to tackle tax evasion, such as the corporate offence of failing to prevent tax evasion. They will have to consider seriously how this will affect their communications with customers and investors.
