The existing disclosure facilities will be replaced by a new tougher, last chance facility from 2016. Those who continue to evade will face new tougher financial and criminal sanctions.
Coming clean
The government is giving people a final opportunity to come clean and get their tax affairs in order before the new global agreements come into force.
“Hiding money in another country at the expense of honest UK taxpayers is not acceptable and we have made it clear we will put a stop to it,” said Gauke.
“Under our new regime the small minority who evade tax offshore, facilitate or turn a blind eye to offshore tax evasion will face tougher sanctions.
“With over 90 jurisdictions now agreeing to automatic exchanges of information, the net is closing in on offshore tax evaders.”
Less than a month left
There is now less than a month for people to use the current facilities to get their offshore tax affairs in order and pay the tax they owe plus any interest due.
HMRC already analyses vast amounts of data, including through its Connect system, helping to pinpoint people who are exploiting offshore structures to evade tax in the UK.
Data on UK customers with offshore accounts and trusts from Crown Dependencies and Overseas Territories will start to be received next year, with over 90 other jurisdictions added in 2017.
