Tax evaders are set to be asked to pay up to three times the tax they dodged under new plans for tougher sanctions laid out by HM Revenue & Customs (HMRC).
The plans, outlined in a consultation released today (24 August) mean those who do not pay outstanding taxes from offshore investment and accounts could increase their risk of potential criminal charges as well as face bigger fines. From October 2016, HMRC will start to receive much more data on those with offshore accounts from Crown Dependencies - Isle of Man, Guernsey and Jersey - and Overseas Territories - fourteen territories under sovereignty of the UK including Gibraltar and the Cayman islands. At the turn of the year, HMRC will receive even more data when the Common Reporting ...
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