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HM Revenue & Customs is reminding tax evaders hiding money offshore that they can now face new
of up to 200 per cent.
Penalties for offshore non-compliance - for income tax and capital gains tax - will now be linked to the tax transparency of the country involved. There will be increased penalties in place for under-declared income and gains from territories which do not automatically share tax information with the UK.
HMRC have made significant progress tackling international tax evasion and closing in on tax havens in recent years. This is the next step in increasing the deterrent against offshore non-compliance - and those who decide to take the risk will feel the full force of HMRC's new penalties.