The government has confirmed in regulations the £25,000 threshold for the new strict liability criminal offences for offshore tax evasion.
The government has confirmed in regulations the £25,000 threshold for the new strict liability criminal offences for offshore tax evasion. These offences apply where taxpayers fail to notify, or provide HMRC with inaccurate information about, a liability to tax in respect of offshore income and gains. There is no offence if the total of the relevant tax unreported to HMRC for the year of assessment in question does not exceed this threshold amount.
Calculation of this amount will exclude tax on income or gains reported to HMRC under the common reporting standard (CRS) or by member states under the directive on administrative cooperation (DAC).
The sections 106B, 106C and 106D of the Taxes Management Act 1970 (Specified Threshold Amount) Regulations, SI 2017/988, come into force on 3 November 2017. The new offences have effect for the tax year beginning 6 April 2017 onwards.
The government has confirmed in regulations the £25,000 threshold for the new strict liability criminal offences for offshore tax evasion.
The government has confirmed in regulations the £25,000 threshold for the new strict liability criminal offences for offshore tax evasion. These offences apply where taxpayers fail to notify, or provide HMRC with inaccurate information about, a liability to tax in respect of offshore income and gains. There is no offence if the total of the relevant tax unreported to HMRC for the year of assessment in question does not exceed this threshold amount.
Calculation of this amount will exclude tax on income or gains reported to HMRC under the common reporting standard (CRS) or by member states under the directive on administrative cooperation (DAC).
The sections 106B, 106C and 106D of the Taxes Management Act 1970 (Specified Threshold Amount) Regulations, SI 2017/988, come into force on 3 November 2017. The new offences have effect for the tax year beginning 6 April 2017 onwards.
