UK reveals official date for offence of failure to prevent tax avoidance

By in

As per statutory regulations introduced into UK parliament last week, it is now a corporate criminal offence for the failure to prevent tax evasion under the UK’s Criminal Finances Act. The legislation will take effect later this year on September 30th. Any wrongdoing committed after this date applies to the avoidance of tax not only in the UK but also in overseas jurisdictions; with the official date of commencement being the same as the first date for the international automatic exchange of information under the CRS (Common Reporting Standard).