The UK’s HM Revenue and Customs (HMRC) has introduced a new strict liability criminal offence on both offshore tax evaders and those who help them.
Tax evaders will no longer be able to plead for ignorance in order to avoid criminal prosecution once the new law comes into the force.
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The body has also introduced new civil penalties on those who enable evasion and will publicly name and shame both evaders and those who enable it.
Chief secretary to the Treasury Danny Alexander said: "If people help a burglar, they are accomplices too. Now it will be the same for those that help tax evaders."
Additionally, evaders will face higher penalties, which for the first time will be linked to the value of the asset stashed in an offshore bank account.
Alexander added: "We’re making sure the penalties on those that facilitate evasion are large enough to punish and deter. As well as action to crack down on offshore tax evaders through a tough new disclosure scheme, the Budget included new penalties and reporting requirements to tackle persistent tax avoiders."
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By GlobalData
