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David Cameron to reveal new tax laws
11th April 2016
In what has been a difficult couple of weeks for David Cameron, the Prime Minister will reveal a new law to crack down on tax cheats.
The PM, who was forced to publish information about his own tax affairs after it was discovered his father had an offshore account, will make a statement in the House of Commons about a new law that will make it a criminal offence for firms to fail to stop staff aiding tax evasion. This means companies that help people evade tax by setting up offshore accounts will be prosecuted.
Lawyers and in-house legal employees will have been aware of the potential law change for quite some time after it was first announced in the March 2015 Budget, but Prime Minister David Cameron will now promise the new legislation will be implemented this year.
In an article on the Sky News website, the Prime Minister said, “This Government has done more than any other to take action against corruption in all its forms but we will go further.
“That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable.”
New law prompted by Panama Papers leak
The new legislation is targeting tax evasion, which has added significance following the revelation of the Panama Papers.
The leak of the Panama Papers saw the release of 11.5 million files from the database of the offshore law firm Mossack Fonseca, which showed the ways the rich exploit offshore tax regimes.
David Cameron’s late father was not the only well-known figure to be caught up in the scandal, as a trail leads to Russian president Vladimir Putin and Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson left his post after links between himself and an offshore company in the Caribbean were revealed.
If you would like to find out more about the Panama Papers and who it has affected, then check out this article on the Guardian.
A specific date as to when the new tax law will be put in place has not been revealed, but the legislation will step up the government’s plans to reduce corruption in the UK.