Supporting asset managers to put preventative measures in place as required under the UK’s Corporate Criminal Offence (CCO) requirements. The rules puts the onus on businesses to top stop the facilitation of tax evasion by its representatives.

The corporate criminal offence of the failure to prevent the facilitation of tax evasion, was introduced in September 2017. The aim of the legislation is to combat tax evasion by changing behaviour and making organisations more responsible by putting in place reasonable procedures to prevent such evasion in the first instance. The CCO rules impose unlimited fines on companies or partnerships enabling tax evasion (both in the UK and overseas) by any of their representatives, i.e. employees, agents, related enterprises etc. and failing to take preventative measures.

HMRC are actively enforcing the legislation since its inception and have opened several cases applying these rules. It is important for all businesses to ensure they have preventative policies and procedures in place to protect themselves from falling foul of the legislation and being subject to its punitive penalty regime.

How we can help:

  • Perform a risk assessment to help identify any key risk areas in the organisation and make recommendations of policies and procedures to be put in place.
  • Assist with ongoing monitoring of policies and procedures in place as the organisation changes / grows to ensure compliance with the rules.
  • Provide general guidance on policies and procedures to be implemented internally to act as preventive measures under the rules.
  • Provide training to staff and other associated parties to ensure awareness and compliance with the rules.