It is now five years since the HMRC powers review began. We have had a range of measures over that time; some providing better consistency and some bringing old ideas into the modern age.
But we have also seen an increasing number of new and extended powers. If you put together the various announcements in this Budget there is no doubt that there is far more stick than carrot.
HMRC continued its clamp-down on undeclared offshore income and capital gains tax liabilities. Penalties are raised to an eye-watering 200% on tax liabilities arising on undeclared offshore assets where these are held in countries which do not have agreements to automatically disclose information on savings income to HMRC. This may further incentivise countries to sign tax information exchange agreements with the UK which subsequently will limit the penalty exposure to just 100%. Dominica Grenada...
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It is now five years since the HMRC powers review began. We have had a range of measures over that time; some providing better consistency and some bringing old ideas into the modern age.
But we have also seen an increasing number of new and extended powers. If you put together the various announcements in this Budget there is no doubt that there is far more stick than carrot.
HMRC continued its clamp-down on undeclared offshore income and capital gains tax liabilities. Penalties are raised to an eye-watering 200% on tax liabilities arising on undeclared offshore assets where these are held in countries which do not have agreements to automatically disclose information on savings income to HMRC. This may further incentivise countries to sign tax information exchange agreements with the UK which subsequently will limit the penalty exposure to just 100%. Dominica Grenada...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
