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New sanctions for offshore tax evaders 24/08/2016 HM Revenue and Customs has set out plans for tough new sanctions for tax evaders.

New sanctions for offshore tax evaders

HM Revenue and Customs has set out plans for tough new sanctions for tax evaders. The proposals mean that those who do not come forward and pay outstanding taxes from offshore investments and accounts could face even tougher penalties of up to three times the tax they try to evade, and increase their risk of potential criminal charges.

HMRC will be even better able to target evaders from October 2016, when it starts to receive data on those with offshore accounts in the Crown Dependencies and Overseas Territories – one year ahead of even more data coming in from across the globe, when the Common Reporting Standard comes into force.

The announcement builds on earlier measures introduced by the Government to toughen sanctions for those involved in offshore tax evasion. This includes a new criminal offence for tax evasion, increased civil sanctions for offshore tax evaders, and civil sanctions for those who enable offshore evasion.

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