Liechtenstein Disclosure Facility

HMRC announced in August 2009 that persons (individuals, partnerships, companies and trusts) with a financial interest overseas as at 1 September 2009 could bring their tax affairs up to date. The main benefits are the tax liability is limited to...

Read more

Offshore penalties

Any person that fails to declare their offshore income and gains for the 2011/12 tax year will face an increased tax geared penalty. The level of the increased penalty will be dependent upon whether the asset was held in a jurisdiction that...

Read more

Managing deliberate defaulters

A new programme was launched by HMRC at the end of February 2011 to monitor entities penalised for deliberately evading tax since 6 April 2009.The entities concerned will face additional compliance checks on all aspects of their tax affairs with the...

Read more

HMRC to increase prosecutions

In September 2010, Danny Alexander, the Chief Secretary to the Treasury, announced a five-fold increase in the number of criminal prosecutions HMRC is to undertake to deter people from deliberately evading tax. HMRC has obtained information on UK...

Read more

Record keeping for small businesses

HMRC announced on 21 February 2011 that it intends to start checking that small businesses are keeping their business records up to date. The announcement follows HMRC's consultation document issued on 17 December 2010 setting out its proposals on...

Read more