Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Concealing assets offshore to become criminal offence

Concealing assets offshore to become criminal offence

The government is to seeking to make it a criminal offence to fail to declare taxable offshore income alongside a tougher civil sanctions regime for range of tax evasion offences.

The proposals will be launched in a HMRC consultation due to be published today, increasing the penalties available to it when dealing with evasive behaviour as such transferring assets between offshore banks in order to conceal them.

The proposals will make it a specific offence to move assets from a tax authority which has entered into an information-sharing agreement with HMRC in order to avoid declaring income or assets.

A current 20-year statute of limitations on investigations into tax affairs may also be dropped.

‘The minority who use offshore secrecy to evade UK tax are making a big mistake,’ said financial secretary to the Treasury David Gauke.

‘There is nothing wrong with holding assets offshore but investors must pay the tax they owe here.

‘Over 56,000 people have already told HMRC about what they owe offshore and HMRC has offered opportunities to clear things up as quickly and easily as possible. Those that don’t come forward must face tough consequences, including a criminal conviction.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter