Advisers to face penalties for enabling tax evasion

Advisers will now face fines of up to 100% of the amount evaded or £3000, depending which is highest, as well as being publicly named by the taxman.  The new sanctions, effective as of 1 January 2017, make accountants, bankers, lawyers and other advisers culpable for offshore tax evasion. HMRC previously released a consultation in August 2016, promising to ramp up evader sanctions.  Tax evasion is a criminal offence but HMRC can choose to impose fines on first-time offenders. The UK is one of the first countries in the world to introduce this power, which was originally announced a...