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Detail of outcome
The response document sets out the government’s response to the consultation document published below. The responses received are summarised and a full list of respondents is included, but where appropriate the names and personal or commercially sensitive information has been redacted. The government has heard the concerns voiced during the consultation and is grateful for the constructive and informative suggestions it received.
HMRC published an update to its offshore evasion strategy on 14 April 2014. This consultation is intended to explore the design of tailored sanctions to more effectively deter tax non-compliance linked to income and gains arising and assets held offshore.
We welcome views on the design of the proposed options. This supports and builds on the regime for increased penalties for non-compliance involving offshore matters.
While the technical nature of several of the issues involved lends itself to a written response, the consultation team would be happy to meet to discuss the proposals.
This consultation takes forward HMRC’s strategy for tackling offshore evasion, No Safe Havens. An update on this strategy was published in April 2014.