Where are we now with the Criminal Finance Act 2017 – The New Tax Evasion Offence – Drystone Chambers

Posted December 11th, 2018 in financial regulation, news, tax evasion by sally

‘The Criminal Finance Act 2017 introduced two new offences: some eighteen months on I consider below how it is being used. The offences were first mooted after the panama papers scandal, prompted by the then Prime Minister’s involvement in it. Due to this the offences were considered to be largely politically motivated and the practicalities of using them were not really considered. In my view they will very rarely be used, if at all, but that does not mean that companies do not have to monitor the measures they have put in place to comply with the legislation. The majority of prosecutions are going to come from self disclosures or whistle blowers, if at all.’

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Drystone Chambers, November 2018

Source: drystone.com

HMRC treating taxpayers unfairly, House of Lords report says – The Independent

Posted December 4th, 2018 in HM Revenue & Customs, news, select committees, tax avoidance, tax evasion by tracey

‘Taxpayers are being treated unfairly by HMRC, according to a new House of Lords report, which also warns that the government’s tax collection arm has become too powerful.’

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The Independent, 4th December 2018

Source: www.independent.co.uk

Tax Evasion Offences – Where Are We, A Year On? – Drystone Chambers

Posted August 9th, 2018 in news, tax evasion by sally

‘As part of the numerous reforms that the Criminal Finance Act introduced, there were two new offences created in 2017. This article will discuss where we are now; over fourteen months after the offences were brought into force. The offences were introduced as a reaction (some might say knee-jerk reaction), to the Panama papers controversy; and as such, new offences of corporate facilitation of domestic tax evasion and failure to prevent facilitation of foreign tax evasion were included in the Act. The aim is to target the facilitators and enablers of tax evasion, although this does not seem to have been put into action.’

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Drystone Chambers, July 2018

Source: drystone.com

Men jailed for Formula One tax relief scam – Crown Prosecution Service

Posted June 5th, 2018 in conspiracy, press releases, sentencing, tax evasion by tracey

‘Four men who set up a filming company to claim fraudulent tax rebates worth more than £2million from Her Majesty’s Revenue and Customs (HMRC) have been sentenced today (4 June).’

Full press release

Crown Prosecution Service, 4th June 2018

Source: www.cps.gov.uk

Information exchanges driving up serious tax evasion cases – OUT-LAW.com

‘The number of serious tax evasion cases identified by HM Revenue and Customs (HMRC) increased by over one fifth last year, as HMRC has begun to receive more information about taxpayers with offshore bank accounts.’

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OUT-LAW.com, 30th May 2018

Source: www.out-law.com

Bribery conviction could indicate hard line on new tax evasion offence – OUT-LAW.com

Posted April 27th, 2018 in bribery, company directors, news, tax evasion by tracey

‘The conviction of a company and the jailing of two former company directors for offences under the UK Bribery Act should serve as a warning to businesses over a new tax evasion corporate offence, according to a tax law expert.’

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OUT-LAW.com, 27th April 2018

Source: www.out-law.com

UN urged to launch global effort to end offshore tax evasion – The Guardian

Posted January 31st, 2018 in news, tax evasion, United Nations by sally

‘The United Nations has been urged by the Tax Justice Network to coordinate a global effort to end offshore tax evasion and corruption, amid warnings that the UK is continuing to insulate its overseas territories from financial transparency.’

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The Guardian, 30th January 2018

Source: www.theguardian.com

Appeal court rejects convicted VAT fraudster’s claim that solicitor forced her to drop appeal – Legal Futures

Posted December 19th, 2017 in appeals, fraud, law firms, news, solicitors, tax evasion, VAT by sally

‘The Court of Appeal has rejected the arguments of a convicted VAT fraudster that her former solicitors pressured her to drop an appeal that included a claim that they represented her badly and helped land her in jail.’

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Legal Futures, 19th December 2017

Source: www.legalfutures.co.uk

Businessman jailed for tax evasion and benefit fraud – Crown Prosecution Service

Posted December 5th, 2017 in benefits, fraud, press releases, sentencing, social security, tax evasion by tracey

‘A bar and garage owner who fraudulently avoided more than £340,000 in tax and national insurance by failing to register the premises has been jailed for four years.’

Full press release

Crown Prosecution Service, 4th December 2017

Source: www.cps.gov.uk

Bitcoin: UK and EU plan crackdown amid crime and tax evasion fears – The Guardian

Posted December 4th, 2017 in EC law, electronic commerce, internet, money laundering, news, tax evasion by sally

‘The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.’

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The Guardian, 4th December 2017

Source: www.theguardian.com

When tax advice strays from planning to avoidance and evasion – Hardwicke Chambers

Posted November 23rd, 2017 in financial advice, news, tax avoidance, tax evasion by sally

‘With the tax affairs of so many VIPs once more in the headlines, Andrew Reid and James Hall consider what claims can be brought against the original advisers and what might be done to avoid that happening.’

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Hardwicke Chambers, 10th November 2017

Source: www.hardwicke.co.uk

Tax Evasion – As the Government ‘Cry Wolf’, is it Anything More Than a Hollow Complaint? – Drystone Chambers

Posted October 20th, 2017 in fraud, news, tax evasion by sally

‘As recently reported in the Times on 14th September 2017 under the headline ‘Amazon in £1.5bn tax fraud row’, HMRC has claimed that Amazon and eBay (among others) have failed to co-operate in fully tackling a multi-billion pound fraud. The article comes after a series of hearings in front of the Parliamentary Public Accounts Committee (‘PAC’).’

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Drystone Chambers, 9th October 2017

Source: drystone.com

Tax evasion facilitation prevention – The Future of Law

Posted September 18th, 2017 in crime prevention, HM Revenue & Customs, law firms, legislation, news, tax evasion by tracey

‘From 30 September 2017, if someone in your firm facilitates tax evasion and you don’t have reasonable prevention procedures, you could be faced with unlimited fines, not to mention reputational damage.’

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The Future of Law, 15th September 2017

Source: blogs.lexisnexis.co.uk

Payment in gold bullion banned under new law to combat tax evasion – The Guardian

Posted August 8th, 2017 in news, remuneration, tax evasion by sally

‘Companies will no longer be able to pay employees their salaries in gold bullion in the first use of a new law designed to combat “morally repugnant” tax avoidance schemes.’

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The Guardian, 7th August 2017

Source: www.theguardian.com

New corporate criminal offences of failure to prevent tax evasion effective from 30 September – OUT-LAW.com

Posted July 13th, 2017 in company law, crime, news, partnerships, regulations, tax evasion by tracey

‘Legislation that provides for new corporate criminal offences of failure to prevent tax evasion will have effect from 30 September this year, it has been confirmed.’

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OUT-LAW.com, 13th July 2017

Source: www.out-law.com

New corporate criminal offence: what will an investigation look like? – OUT-LAW.com

Posted June 6th, 2017 in crime, financial regulation, HM Revenue & Customs, news, tax evasion by tracey

‘HMRC has stepped up its criminal investigations into corporates, without waiting for the new corporate offence of failing to prevent the facilitation of tax evasion to become effective Large companies should refresh their raids and critical incident procedures in case HMRC officers appear without warning.’

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OUT-LAW.com, 5th June 2017

Source: www.out-law.com

‘Failure to prevent’ offences on course for September as legislation clears parliament – OUT-LAW.com

Posted May 2nd, 2017 in company law, crime prevention, legislation, news, tax evasion by sally

‘New corporate criminal offences of failing to prevent the facilitation of tax evasion are on course to be introduced in September as planned following the passage of the underlying legislation through parliament.’

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OUT-LAW.com, 28th April 2017

Source: www.out-law.com

Criminal Finances Bill receives Royal Assent – Home Office

‘The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism.’

Full press release

Home Office, 27th April 2017

Source: www.gov.uk/home-office

The changing meaning of tax avoidance – OUP Blog

Posted March 2nd, 2017 in news, tax avoidance, tax evasion, taxation by sally

‘There are some economic terms that are fixed and immutable. Marginal cost will always be the addition to cost from an incremental increase in output, and average cost will never be anything other than total cost divided by output. Other terms have greater fluidity and evolve over time with developments in theory and practice. For this reason, compilation of the Dictionary is never finished and definitions are never final.’

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OUP Blog, 1st March 2017

Source: www.blog.oup.com

Commercial landlords may have to police illicit tobacco sales under HMRC proposals – OUT-LAW.com

‘Commercial property landlords could be forced to actively inspect their properties and police tenants suspected of tobacco and other excise duty evasion under plans proposed by HM Revenue and Customs (HMRC), an expert has warned.’

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OUT-LAW.com, 22nd February 2017

Source: www.out-law.com