View more on these topics

Lib Dems eye harsh penalties for aiding tax evasion

The Liberal Democrats have announced plans to introduce a new criminal offence of corporate failure to prevent tax evasion.

The proposals would see firms which help people dodge tax hit with the same penalty as the individual evading tax. It is not clear whether the policy would extend to financial advisers.

The party has also promised to strengthen codes of practice for professions advising on tax affairs.

Chief secretary to the Treasury Danny Alexander says: “The overwhelming majority of people who pay their taxes have every right to expect that everyone else does the same. A tiny minority still behave as if tax evasion is more akin to a sport than a crime. 

“It is a crime, plain and simple. If someone helps a break-in to your home they end up in the dock as an accomplice. It should be the same if some helps a tax evader.” 

The Lib Dems have also committed to reducing the tax gap in each year of the next parliament.

In 2012/13, the amount of tax that HM Revenue & Customs believed was owed totalled around £500bn. Of that, £466bn was collected, leaving a tax gap of £34bn.

The plans come as the Labour Party has also pledged to introduce a new bill to target tax dodgers as one of the first acts of a Labour treasury.

Recommended

Pension wise logo
3

ABI sets out ‘nudge’ tactics for pensions guidance

The Government’s guidance service wil have to tackle savers underestimating life expectancy and should introduce “cooling off” periods if savers try to take too much of their pension pot at once, according to the Association of British Insurers. A report published today, carried out by consultancy ideas42 on behalf of the ABI, applies behavioural economics […]

MM-CPD-Centre-700.png

The Technical Quiz: 26 February

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions.

FCA logo glass 3 620x430
1

FCA to force banks and insurers to protect whistleblowers

Banks and insurers must offer protections to all whistleblowers, under proposals outlined today by the FCA. In a joint consultation paper with the Prudential Regulation Authority, the FCA says firms should put internal whistleblowing arrangements in place and inform employees that they can whistle blow to regulators. The proposals apply to UK banks, building societies, […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. So why not enforce current Money Laundering rules which demand annual tests and give harsh penalties for anyone not reporting a potential crime, of which evasion is one?

    How many prosecutions have there been, of the local solicitor not passing-on details discovered through a divorce, the accountant with his ‘cash deals’ client, the mortgage lender who is helping his customer squeeze his application by adding all the cash jobs for the plumber or his wife’s casual hairdressing not declared or the banker helping send his customers’ money to a BVI tax haven when he knows it is to keep it quiet?

    I can’t say I have read of any?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com