Tuesday 26th September

From 30 September 2017, two new corporate tax evasion offences come into effect. The Criminal Finances Act 2017 creates the corporate crime of failing to prevent the facilitation of tax evasion. There are two offences created, one relating to UK tax evasion, the other to foreign tax evasion.

The new law means that corporates are criminally liable if they fail to prevent the commission of tax evasion facilitation offences by a person associated with them. A tax evasion facilitation offence is broadly speaking where the associated person assists another with a tax evasion offence either in the UK or abroad. Given the increasingly complex structures that advisers are putting in place for athletes, those involved in the sports sector – such as football clubs and sponsors – should be alive to the fact that they may inadvertently be breaking the law by making payments to corporate vehicles that have been set up to evade tax. Click here to read more.