Budget's name and shame proposals
There has been surprisingly little publicity over the Budget’s “name and shame” proposals. Essentially any taxpayer individual, business or company who is penalised for deliberately understating tax due, (or overstating claims or losses), of more than £25,000 will have their name and details (address and trade or profession) published on quarterly lists which will remain in the public domain for one year from publication.
The impact of this could be significant in terms of:
will it affect new employment opportunities?
will it affect credit rating?
what about due diligence on a deal?
I could go on.
Time will tell but I hope HMRC makes no mistakes.
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Cathy Corns is a Corporate Tax partner at Mercer & Hole.
