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.

Osborne threatens wealthy tax evaders with jail

Osborne threatens wealthy tax evaders with jail

George Osborne has threatened wealthy people with jail if they are found to conceal their money in foreign bank accounts.

As part of the clampdown on tax avoidance the chancellor said, while on a visit to Washington, that under new plans being drawn up it would be easier to prosecute tax evaders.

Under the current regime tax inspectors have to prove the wealthy deliberately intended to avoid paying tax to force a prosecution.  

Through the new system HM Revenue and Customs will only be required to prove the money held in these overseas accounts as taxable and undeclared.

‘The message is clear with this new criminal offence: if you are evading tax, there is no safe haven and we will find you,’ Osborne said.

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 Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter