Tougher fines for tax evaders … and their advisers

By Kieran Drew
In January 24, 2017
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The UK has announced tougher fines as part of a crackdown on tax evasion. The move was actually announced back in 2015, but it is now in force as of 1 January 2017.

Fines have been increased to 100% of the tax evasion amount or £3000, whichever is higher. If you were going to try to evade tax, you would think it would be for a much higher sum than £3000! In addition to the fines, the perpetrators will be publicly named.

The tough new penalties are aimed at tackling evasion and aggressive avoidance, something that we completely agree is wrong. If the move does reduce the amount of unpaid tax it will obviously have a positive effect on the economy and will make for a much fairer tax environment for those that pay up and on time.

Good luck to those in charge of this new venture, we will certainly be watching with interest to see if it has a noticeable effect.

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