Budget 2017: HMRC to widen tax evasion clampdown

The chancellor has said he will introduce 18 new measures to reduce tax evasion.

Philip Hammond said the government had collected £160 billion in additional tax revenue through an ongoing crackdown on evasion.

The new measures are projected to raise an additional £4.8 billion by 2022/23.

The 18 point plan includes introducing a requirement to notify HMRC of the creation of certain offshore structures, which can be used to evade tax.

A time limit for assessing the compliance of new offshore tax schemes will also be extended so that HMRC can always assess at least 12 years of back taxes without needing to establish deliberate non-compliance, following a consultation in spring 2018.

The government said it is pursuing 66 criminal and tax investigations in light of the Panama Papers and it has requested the underlying data from the International Consortium of Investigative Journalists.

The new measures also include a discussion paper on insolvency and phoenixing, whereby

... read more at: http://citywire.co.uk/wealth-manager/news/budget-2017-hmrc-to-widen-tax-evasion-clampdown/a1071461

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