Tax evasion could land you behind bars soon.
Let us be clear from the start: tax evasion has always been illegal - but it could soon become a criminal offence, not just a civil one.
HMRC's offshore evasion strategy No Safe Havens defines offshore tax evasion as 'using a non-UK jurisdiction with the objective of evading UK tax. This includes moving UK gains, income or assets offshore to conceal them from HMRC; not declaring taxable income or gains that arise overseas, or taxable assets kept overseas; and using complex offshore structures to hide the beneficial ownership of assets, income or gains.'
Go to Spear's Wealth Management Magazine to read the rest of Fiona Pool'e views on this subject.
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