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Government imposes new sanctions to fight evasion

Tax evaders, along with professionals who help them in any way, will be subject to a number of upcoming sanctions that will include higher penalties and two criminal offences, confirms the Treasury.

The new sanctions, which were established to target those with offshore accounts, will include a strict liability rule that means there will no longer an option for pleading ignorance when trying to avoid prosecution.

Further, corporates would be committing an offence should they fail in the prevention of evasion. They would also be breaking the law should they facilitate evasion under their watch.

There will be high financial penalties for evasion that will link any penalties to the assigned value of assets held in offshore bank accounts.

Danny Alexander, chief secretary of the Treasury, announced the move. He said:

“We’re making it a crime if companies fail to put in place measures to stop economic crime happening in their organisations. We’re also making sure that the penalties on those that facilitate evasion are large enough to punish and deter.”

He went on to offer the analogy of someone helping a burglar and how they are deemed criminals. He vowed that anyone who aids a tax evader will be treated in the same way.

Unfortunately, there will always be businesses that are under suspicion of evasion that either don’t deserve to be or that have committed errors in their financial accounts. It’s always wise to enlist the services of an accountant in the Wirral to help avoid any unnecessary, and costly, errors.

Posted by Mark
March 27, 2015
Tax

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