Tackling Offshore Tax Evasion - Update

In October 2015 we  reported  on the UK's consultation papers outlining HMRC's proposed two pronged approach to tackling facilitators and enablers of offshore tax evasion. Since then summary responses have been published, draft legislation is now in train, the civil limb (at least) got a brief mention in the 2016 Budget and just last week David Cameron reiterated the UK's commitment to introducing a new corporate criminal offence of facilitating tax evasion.

It may be opportune (possibly opportunistic) to point out that at this stage, as far as we know, the Mossack Fonseca scandal has not unearthed any companies in Guernsey, identified only 8 companies in the Isle of Man and 39 companies in Jersey. It did however reveal 148 Mossack Fonseca connected companies in the UK.