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New UK Criminal Offences and Higher Penalties for Tax Evasion

20 March 2015

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Approved Changes

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United Kingdom

UK Chief Secretary to the Treasury Danny Alexander has announced plans to implement new criminal offences and higher penalties for tax evaders and enablers of tax evasion. The plans include: Introducing a new strict liability criminal offence for offshore evasion, so it's no longer possible to plead ignorance in an attempt to avoid criminal prosecution Making it a criminal offence for companies that fail to prevent tax evasion or otherwise facilitate tax evasion Increasing the financial penalties for evaders, including linking the penalty amount to value of the asset kept in an offshore bank account Introducing new civil penalties on...