Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. 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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter