In 2018, HMRC focused resources on areas of perceived highest tax risk: multinational businesses, tax avoidance and offshore issues for individuals, trusts and estates. This is backed up by legislation including the requirement to correct and various penalty rules. 2019 heralds a continuation of these efforts with the addition of new legislation such as further extended discovery assessment time limits and new powers enabling HMRC to tackle tax abuse and insolvency, including by demanding security for corporation tax debts. In addition, a new offshore tax compliance strategy is expected.
In 2018, HMRC focused resources on areas of perceived highest tax risk: multinational businesses, tax avoidance and offshore issues for individuals, trusts and estates. This is backed up by legislation including the requirement to correct and various penalty rules. 2019 heralds a continuation of these efforts with the addition of new legislation such as further extended discovery assessment time limits and new powers enabling HMRC to tackle tax abuse and insolvency, including by demanding security for corporation tax debts. In addition, a new offshore tax compliance strategy is expected.