HMRC have announced that they intend to introduce a new powers making it easier for them to prosecute failure to declare untaxed offshore assets.
At present, HMRC need to prove that individuals who have undeclared offshore income has intent to evade tax, in order for a criminal conviction to be successful.
Under the proposed new plans, HMRC would only have to show that the income was taxable and undeclared. A consultation will be published but the plans have not progressed this far yet.
These new proposals continue the recent trend to come down hard on offshore tax evasion and mean that anyone with undeclared offshore assets would be at risk of criminal prosecution. Affected individuals may wish to consider using one of the numerous offshore disclosure facilities currently available, before it is too late.
Eaves and Co have assisted with numerous offshore disclosures and would be happy to help if you have concerns.