HMRC are really determined to crack down on offshore arrangements with consultations currently underway for both a new strict liability criminal offence and an extended penalty regime where it is considered tax is being evaded.
Areas subject to consultation include:
- A strict liability offence which would mean no consideration of the defendant’s intention would be necessary;
- The possible introduction of offshore surcharges, extending the period HMRC can look into & increasing the level of penalties;
- Various safeguards with the aim of protecting those that HMRC are not aiming to target.
We will hear further in November and will keep you updated. However, this could be an opportunity to check your affairs are in order.
It is always best to approach HMRC before they approach you.