No safe havens in HMRC?s offshore evasion strategy
14 April 2014
An update published by HMRC details the rapid progress made in tackling offshore tax evasion.
Following the Chancellor of the Exchequer's announcement last week, HMRC has today published an update to its offshore evasion strategy: No Safe Havens. The updated strategy can be found on the Gov.uk website. This details the rapid progress made in tackling offshore tax evasion, the new actions being taken and how HMRC intends to exploit data sources better, and to influence behaviour. Specific actions include:
- introducing legislation to implement the new Organisation for Economic Co-operation and Development (OECD) standard in automatic exchange of information between governments
- consulting on strengthening the existing civil sanctions, including penalties for offshore tax evasion
- consulting on the detail of a new strict liability criminal offence for failing to declare untaxed offshore assets
- paying rewards to whistleblowers who, in HMRC's view, provide significant information that helps tackle offshore tax evasion.
Further information on offshore disclosure facilities can also be found on HMRC’s website.