The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
The introduction of a new criminal offence for companies who fail to prevent tax evasion, sending out a clear message that anyone doing business in and with the UK must have the highest possible compliance standards. The extension of disclosure orders to money laundering and terrorist financing cases, requiring someone suspected of having information or documents relevant to an investigation to provide it. Enhancement of the suspicious activity reports regime, providing additional powers to the National Crime Agency and extending the amount of time senior officers, primarily from law enforcement agencies, have to investigate transactions. Bolstering the law enforcement agency response to the threats from terrorist financing, helping to combat the raising or movement of terrorist funds and strengthening partnerships with the regulated sector.
For further details, go to GOV.UK.
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New Year brings in new penalties for enablers of offshore tax evasion 5 January 2017
Accountants, bankers, lawyers and other advisors who enable offshore tax evasion will face tough new sanctions from 1 January 2017.
The raft of measures will create a level playing field for the vast majority of people and businesses who play fair and pay what is due.
The new powers will see individuals or corporates who take deliberate action to help others evade paying tax facing fines of up to 100% of the tax they helped evade or £3000, whichever is highest. On top of this the taxman will also be able to publicly name the enabler. While tax evasion has always been illegal, this law will mean HMRC can, for the first time, charge civil penalties on the facilitators of the tax evasion who provide planning, advice or other professional services or physically move funds offshore.
The UK is one of the first countries in the world to introduce this power, which was originally announced at Budget 2015 and legislated for in the Finance Bill 2016.
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Research about the evolving role of tax advisers and agents in the avoidance marketplace 25 January 2017
HMRC is seeking to better understand the issues and pressures faced by agents in advising clients on a range of tax administration approaches.
As such, HMRC has commissioned Kantar Public to carry out specific research into the tax avoidance marketplace. As the marketplace evolves HMRC is seeking to learn how to best focus its interaction with it, in order to provide an informed, proportionate and measured approach to regulation. Kantar Public are looking to speak to people who, through their professional capacity, have an awareness of the existence of marketed tax avoidance schemes within their industry. This awareness need not be based on – and will not be considered an indication of - engagement with or facilitation of such schemes. HMRC are simply interested in hearing from those who may have some knowledge of the marketplace in such schemes, in order to understand perceptions of how this marketplace may have changed over the last 2-3 years.
As with all research carried out by Kantar Public, participation will be anonymous and strictly confidential, with no identifying information passed to HMRC or any other organisation at any time.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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