Promotors of tax avoidance who fail to stop their activities once ordered to do so by HM Revenue & Customs (HMRC) could face criminal prosecution, Budget documents state.
Information released following chancellor Jeremy Hunt's speech today (15 March) said the government plans to consult on the introduction of a new criminal offence for promoters of tax avoidance who fail to comply with a legal notice from HMRC to stop promoting a tax avoidance scheme. It added that the government would also consult on "expediting" the disqualification of directors of companies involved in promoting tax avoidance including those who exercise control or influence over a company. The government also plans to double the maximum sentences for tax fraud for the most "egregi...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.