Posted on 19 March 2015
During the 2015 budget yesterday, new sanctions to penalise tax evasion and avoidance were unveiled as part of plans that could bring in an extra £3.1bn over the next five years.
Currently, those who admit tax evasion face repaying the tax they owe as well as a penalty but most would receive immunity from prosecution. The new sanctions will be much tougher and from 2016 not only will the penalties be higher, but there will be no immunity.
Other anti-avoidance rules will also be brought in, including measures to name and shame persistent tax avoiders and ‘Google-tax’ which targets multinational firms who move their profits overseas to avoid tax.
Further details are expected but one thing is clear, anyone with any issues to declare should speak up immediately – we can help!
If you would like to discuss any aspect of tax or tax planning, please get in touch with one of our dedicated tax team here.