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U.K. Aims to Strengthen Penalties for Tax Evaders
By Irene Madongo
printThe United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors. In consultation papers, the U.K.'s HM Revenue & Customs (HMRC) said it could extend the period of time it can pursue tax evaders and fine individuals more when they hide money in jurisdictions that do not abide by an automatic financial data-exchange agreement. The reforms could apply to income and capital gains tax, the agency said. The government separately proposed a strict liability standard for criminal cases under which prosecutors...
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