U.K. Details Penalty Regime for Overseas Tax Avoidance Promoters

Promoters of tax avoidance schemes in the U.K. who are resident offshore are set to face a harsh new penalty regime, according to guidance published by the government Monday.

Overseas promoters will be charged penalties that equal up to 100% of the fee or remuneration that anyone involved in the promotion of the tax avoidance scheme receives, the guidance document says.

• These penalties for overseas promoters will be in addition to other penalties charged for promoting a tax avoidance scheme that does not work and/or to any overseas promoter who has already received penalties under the Disclosure of Tax ...