The only consolation is that they are looking again at DOTAS and IHT -revised proposals are due out soon.
As expected from the previous Budgets of 2015, the Government has announced yet more measures to tackle tax evasion and avoidance. There will be a new criminal offence for failing to declare offshore income and gains and a new corporate offence for failing to prevent tax evasion. There will be a new penalty of a whopping 60% on any tax that should have been paid under an adjustment made as a result of applying the GAAR. The Government will also consider legislating in a future Finance Bill to stop avoidance schemes avoiding tax on earned income and, in a clear warning to scheme-mongers, where necessary it will backdate any such measure to 25 November 2015.