Budget: HMRC handed more powers to assess offshore tax

By , 22 Nov 17

HM Revenue & Customs will be able to assess offshore tax non-compliance dating back at least 12 years, triple the current system, under plans announced by chancellor Philip Hammond in the Autumn Budget on Wednesday.

Inspector. Graphics are my design and artwork. Thanks. The United Kingdom Budget statement is made by the Chancellor of the Exchequer, a member of the Government who is responsible for all economic and financial matters. He controls HM Treasury. ands the revenues gathered by Her Majesty's Revenue and Customs and the expenditure of public sector departments and can raise taxes and duties according to the needs of the economy. After the Prime Minister he is the most important state officer. The Budget is normally an annual event in March, but in more recent times a mini budget has also been held in November. The budget speech is always carried to the House of Commons in a red briefcase, known as Ministerial Boxes, or Red Boxes’. This red briefcase has become representative of the annual UK Budget. Historically, it dates back to the first use by William Gladstone in 1860.

A consultation on this change will be launched in spring 2018, the budget paper revealed.

The move follows the introduction of new Right To Correct (RTC) rules this month that means offshore tax evaders face penalties of up to 200% for non-compliance.

Paradise fallout

In the wake of the Paradise Papers, Hammond took the opportunity to reiterate the government’s commitment to “tackling offshore tax evasion by promoting the sharing of information and creating tough new penalties to encourage compliance”.

The government said it will take the steps required to investigate any wrongdoing.

According to the budget document, work undertaken by HMRC in response to the Panama Papers has resulted in 66 criminal and civil tax investigations.

HMRC has also asked the International Consortium of Investigative Journalists (ICIJ), which broke both stories, for the data from the recent ‘Paradise Papers’ to see what further investigations are required.

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One thought on “Budget: HMRC handed more powers to assess offshore tax”

  • Finian Manson says:

    Yet only recently the Chancellor and HMRC cut the time the taxpayers could go back!

    Just another example of the Chancellor and HMRC picking our pockets and the Treasury making the pips squeak.

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