HMRC: Admit tax fraud or face criminal investigation

Under the new Contractual Disclosure Facility, HMRC will contact a taxpayer to inform them that they are suspected of serious tax fraud, offering them the opportunity to enter a contract giving them 60 days in which to disclose their fraud, in return for which HMRC will agree not to criminally investigate them. However, they will still be investigated using civil powers, with a view to a civil settlement for tax, interest and a financial penalty. Meanwhile, taxpayers who do not sign up to the contract could potentially be criminally investigated, with a view to prosecution, and the sa...