New Corporate Criminal Offence: Failure to Prevent Facilitation of Tax Evasion
HMRC is on a mission to eradicate offshore tax evasion and revolutionise international tax transparency. Already the UK is party to a series of tax information exchange agreements with countries both within and outside the European Union.
Against this backdrop the Government is now legislating for a new criminal offence for corporations who fail to prevent the facilitation of tax evasion by persons associated with them (the Corporate Tax Offence).
Here we explain what the offence is, how it is likely to affect you and what you should be doing now to prepare for it.