Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter