Andrew Goldstone and Sarah Albury (Mishcon de Reya) report on recent updates in the private client arena, including: the proposed new strict liability criminal offence; changes to the LDF; the common reporting standard in the UK; strengthening DOTAS and the VADR; and the Presumption of Death Act.
Recent developments in the private client arena are as follows.
On 19 August 2014 HMRC launched consultations on a new strict liability criminal offence of failing to declare taxable offshore income and gains and on strengthening civil sanctions for tax evasion involving hiding taxable income gains and assets offshore. Views are sought on several issues including the scope of the offence and the sanctions for those found guilty which include imprisonment. The consultation...
