can be found on the Gov.uk website . This details the rapid progress made in tackling offshore tax evasion, the new actions being taken and how HMRC intends to exploit data sources better, and to influence behaviour. Specific actions include: introducing legislation to implement the new Organisation for Economic Co-operation and Development (OECD) standard in automatic exchange of information between governments consulting on strengthening the existing civil sanctions, including penalties for offshore tax evasion consulting on the detail of a new strict liability criminal offence for failing to declare untaxed offshore assets paying rewards to whistleblowers who, in HMRC's view, provide significant information that helps tackle offshore tax evasion.
Further information on offshore disclosure facilities can also be found on HMRC’s website .
Tax avoidance scheme could double brewer’s bill
29 April 2014
A tax avoidance scheme designed to make taxable interest payments disappear has been blocked for the second time by a tax tribunal.
The scheme, marketed by Ernst & Young in 2003 to brewery Greene King plc and other large groups, involved loans between group companies. The aim was for one company in a group to get tax relief on interest paid to another group company without that other company paying tax on the income it received. HM Revenue and Customs (HMRC) will now receive £36 million from users of the scheme after the Upper Tribunal ruled that it did not work. Greene King risks having to pay approximately twice the tax it tried to avoid after the tribunal left open precisely how the interest was taxable in a second group company.
Exchequer Secretary David Gauke said:
“The vast majority of taxpayers play by the rules and the government will continue to take touch action to tackle the minority who seek to avoid their responsibilities. HMRC wins 80 per cent of the cases it takes to court and this win, in a very complex case, sends another clear message to tax avoiders.
Anyone who gets involved in tax avoidance schemes is playing with fire. HMRC will pursue those involved through the courts, ensuring it collects the taxes that are due.”
The First-tier Tribunal had said that the companies could not legitimately complain if the scheme failed in its purpose and instead resulted in the payment of twice the amount of tax they tried to avoid.
New sentencing guidelines bring increased focus to the impact of fraud on victims
27 May 2014
The Sentencing Council has published a new guideline for how people convicted of fraud, money laundering and bribery should be sentenced.
CIPP Policy News Journal
08/04/2015, Page 510 of 521
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