Tax advisers and accountants in the UK who help clients avoid paying tax could face fines of 100% of the tax avoided, according to new proposals being considered by HM Revenue and Customs (HMRC).
The UK tax office has claimed victories in two long running legal disputes over schemes involving artificially created losses, which had ensnared several high-profile entertainment and sporting figures and involved hundreds of millions of pounds in unpaid taxes and interest.
Argentinean footballer Lionel Messi has been sentenced to 21 months in prison for tax fraud by a Spanish court after being found guilty of defrauding Spain of €4.1m (£3.5m, €4.6m) between 2007 and 2009.
More than a tenth of UK advisers have seen clients discouraged from using legitimate tax planning strategies as a result of high profile scandals, according to Old Mutual Wealth (OMW).
Wealthy individuals may have to choose between security and secrecy as a result of the increased transparency measures proposed in the aftermath of the Panama Papers scandal.
The Isle of Man and Gibraltar are among a group of 22 jurisdictions that have signed up to an information-sharing initiative to combat tax evasion, while Australia is looking at creating a public register revealing the identities of the beneficial owners of shell companies.
The UK tax office has won a judgement against a limited partnership registered in Jersey, the Clavis Liberty Fund 1 LP scheme, which it claimed had tried to create artificial tax losses.
The UK government’s planned new law making firms criminally liable for staff who facilitate tax evasion has expanded the circumstances in which an overseas company can be prosecuted for failing to prevent foreign tax evasion, according to legal experts.
The British government has published details of its proposed new law making senior management of a financial services firm criminally liable if any member of staff facilitates tax evasion, and has called on the industry to provide feedback.
The 50 biggest US corporations have more than a trillion dollars hidden offshore, according to a new report published by Oxfam on Thursday.
Celebrity investors in a film scheme involving the distribution rights to two Disney films face a combined tax bill worth over £600m ($845m, €754m) after the Supreme Court rejected its final appeal against HM Revenue & Customs (HMRC) over £117m the scheme received in tax relief.
A film scheme involving the distribution rights to two Disney films is taking HM Revenue & Customs to the UK Supreme Court to defend the £117m ($166m, €145.5m) it received in tax relief.
