What is the Corporate Criminal Offence (CCO) legislation and how does it apply to you?
In 2017, HRMC introduced the CCO legislation, to help prevent the facilitation of tax evasion in UK businesses and offshore trust companies.
The CCO legislation applies to all companies and partnerships, no matter their size or services provided. Companies will fall foul of the legislation if anyone acting on their behalf facilitates tax evasion, which is a criminal offence subject to sanctions.
As a company, you can protect yourself against the CCO. Below are some preventative measures, which are key to a company’s defence against the CCO:
- A current CCO policy
- An up to date risk assessment
- Proof of training completed for all representatives of the company
Failure to comply with the CCO can subject a company to a criminal investigation into their policies. The consequences of not complying with the CCO can include:
- Deferred prosecution orders
- Unlimited fines
- Naming on public records
How can we help your business?
The CCO training courses from STS (Europe) have been built for all sizes of companies. The two-tier training has been completed by companies including:
- Offshore trust company service providers
- UK Companies
- One of the world’s largest privately-owned banks
- A leading international law firm