View more on these topics

Disclosure deal to admit tax fraud

HM Revenue & Customs has brought in a contractual disclosure facility that allows people suspected of serious tax fraud to come clean without being criminally investigated and prosecuted.

It will give people suspected of fraud the option to admit fraud and disclose the details within 60 days. It will then investigate the case using civil powers and settle outstanding bills, including interest and penalties.

Those under suspicion who refuse to sign up to the CDF will face a full investigation by HMRC. Anyone who signs the contract but does not go on to admit and disclose fraud, will also face the possibility of a criminal investigation.

People who are not under investigation can opt to volunteer information. HMRC says it will decide which of these cases can be dealt with under the CDF.

The disclosure facility, which launched last week, is a result of an HMRC consultation launched last July.

Treasury exchequer secretary David Gauke says: “This new facility is a valuable tool which will help HMRC in its fight against fraud.”

Recommended

US government waters down Fatca requirements

The US government has significantly watered down its Foreign Account Tax Compliance Act requirements. Alongside new draft Fatca proposals, the US Treasury has released a joint statement with the UK, France, Germany, Italy and Spain expressing mutual intent to pursue a government-to-government framework for implementing the act. As part of the agreement, firms which only […]

Face value

Last week’s news that Facebook will list on the US stockmarket has again raised questions about the valuations of the latest generation of technology companies but, away from the headlines, many tech funds have been quietly generating decent returns. The Facebook flotation follows that of LinkedIn and Groupon last year, valuing the companies at $11.6bn […]

Tech winners keep on winning

By Ali Unwin, chief technology officer & fund manager, Neptune Artificial intelligence, driverless cars, big data. As technological advancements – and disruption – increasingly dominate headlines, Ali Unwin sets out six key themes he is watching in 2017. Read more Important Information Investment risks Neptune funds may have a high historic volatility rating and past performance […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment