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8 JULY 2015

Financial intermediaries

Legislation will require financial intermediaries, including tax

advisers, to notify their customers about the common reporting

standard, the penalties for evasion and the opportunities to disclose.

General anti-abuse rule (GAAR) penalty

The government will consult on the detail of introducing a GAAR

penalty and consider new measures to strengthen the GAAR.

Serial avoiders

The government will consult on measures to deal with serial

avoiders who persistently enter into tax avoidance schemes that

are defeated.

Resources and powers to tackle evasion and avoidance

The government is providing additional resources to HMRC to

step up criminal investigations into serious and complex tax

crime; tackle non-compliance by small and mid-sized businesses,

public bodies and affluent individuals; tackle evasion, avoidance

and aggressive tax planning by large businesses; target non-

compliance by wealthy individuals; and tackle serious non-

compliance by trusts, pension schemes and non-domiciled

individuals. The government is consulting on further measures

including naming serial avoiders.

Subject to consultation, a ‘special measures’ regime will be

introduced to tackle businesses that persistently adopt highly

aggressive behaviour associated with tax planning. There will be

an extension to HMRC’s powers to acquire data from online

intermediaries and electronic payment providers to find

those operating in the hidden economy. A new digital

disclosure channel will make it simple for taxpayers

to disclose unpaid tax liabilities.

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