Autumn Statement Gives HMRC Teeth To Bite Tax Avoiders

The government is committed to raise £5bn from tax avoidance, and this week the Chancellor indicated that £800m would be given to HMRC to help do this and to tackle non-compliance. The Autumn Statement also introduced tougher penalties and criminal offences which are all clear signs of the tougher attitude to come down hard on evasion and avoidance. Some of the key points are highlighted below:

• A new criminal offence for tax evasion – A criminal offence that removes the need to prove intent for the most serious cases of failing to declare offshore income and gains will be introduced.
• New civil penalties for offshore tax evaders – Civil penalties for deliberate offshore tax evasion will increase, including the introduction of a new penalty linked to the value of the asset on which tax was evaded and increased public naming of tax evaders.