Why to Avoid Tax Evasion > The principal term of the financial penalty and interests charged on a tax evader
Are you a tax evader?
Can the financial penalties charged on a tax evader be amnestied? How?
The principal term of the financial penalty and interests charged on a tax evader
Risk of paying much more personal income tax in case of a sale
Risk of being paid very low compensation in case of nationalisation
Risk of re-mortgaging your property at a lower value
Risk of being involved in an anti-money laundering activity
Risk of being included in the black lists of financial organisations
Other important points
The principal term of the penalty accrues when the ownership (title deeds) is transferred into your name even if the evasion is detected later. The principal is the amount of tax evaded plus administrative penalties envisaged by the tax laws.
Moreover, a late payment penalty at an interest rate of 2.5% per month is also charged on the principal.
In other words, evading a real estate acquisition and sale levy of £1,050 at the time of purchase plus a real estate tax of £70 for each following year will cause you to face financial penalties worth thousands of Sterling Pounds within only few years.