BlogLatest NewsHMRC tighten the noose on those holding funds offshore

HMRC tighten the noose on those holding funds offshore

FURTHER POWERS are set to be afforded to HM Revenue & Customs as the government looks to tighten the noose on those holding funds offshore and maximise its revenues .

Already, the taxman has added to its arsenal. Avoidance schemes that bear similarities to others already blocked, will be forced to pay the disputed tax up front before the case is heard at tribunal.

In the Budget , the chancellor (pictured) then announced a consultation on proposals that would allow HMRC to directly access debtors' bank accounts to deduct tax due - provided £5,000 is left across the accounts.

The latest document, No Safe Havens, outlines plans to introduce a new criminal offence carrying a possible prison sentence for people holding undeclared money offshore, even if they did not intend to evade taxes.

Currently, HMRC must prove individuals intended to evade tax on foreign income .

It is expected the threat of prosecution will see evaders more likely to come forward and declare overseas accounts.

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