UK Government tightens offshore tax belt
The UK Government has announced its latest plans to tighten controls over tax arrangements offshore for its British citizens. It has declared its intentions to make the failure to declare offshore tax arrangements a criminal offence.
Proposals announced today, and set to be pushed through over the coming months, include:
Making concealing funds offshore for illegitimate tax purposes an illegal offence.
The offence to NOT account for the state of mind of the defendant Plans to further toughen the existing civil penalties for tax evasion.
To further strengthen agreements with overseas territories over tax disclosures.
Plans to extend to over 33 territories with regard to disclosures.
Some individuals have or will be contacted directly in relation to their tax affairs and disclosures. With today’s news, we are expecting this to increase and cause some clients unnecessary stress.
Please get in touch if you believe the above could affect you and would like to discuss it further.