Source: HM Revenue & Customs (HMRC) – Aug 24, 2016 10:22 BST
Tax evaders could face even tougher penalties of up to three times the tax they try to evade, and increase their risk of potential criminal charges, under tough new sanctions detailed by HMRC today.
HMRC will be even better able to target evaders from October 2016, when it starts to receive an unprecedented amount of data on those with offshore accounts in the Crown Dependencies and Overseas Territories.
HMRC has been clear that not paying tax by failing to disclose your offshore income and investments is illegal. Today’s action builds on the wide range of measures introduced by the government to toughen sanctions for all those involved in offshore tax evasion.
Director General of Enforcement and Compliance for HMRC, Jennie Granger, said “Our message is simple – come to us and pay the tax and penalties that are due, before we target you with the introduction of even tougher sanctions and game-changing data.”