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
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