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July 18, 2019
2019-5893

Why businesses need a risk-based approach to UKs tax evasion law

Companies or partnerships doing business in, with or through the UK today need to know the answer to the following question: do they have “reasonable procedures” in place to prevent an employee, contractor or other “associated person” from helping a third party evade either UK or foreign taxes? If businesses can’t demonstrate having reasonable procedures in place they could be charged under a new UK law — the Criminal Finances Act 2017 — that took effect on 30 September 2017. An EY article provides details.

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