The UK Government has annonced that
existing taxpayer disclosure facilities will be replaced by a tougher, regime from 2016.
David Gauke , the Financial Secretary to the Treasury, has launched a campaign that explains how the new regime will work.
He said that the UK’s existing disclosure facilities – including the Liechtenstein Disclosure Facility and the Crown Dependency Disclosure Facilities – will close on December 31, 2015.
From 2017, , under the new global agreements, HM Revenue and Customs will receive details on UK taxpayers’ financial affairs from more than 90 countries.
The Government will introduce, under a package of measures announced back in March 2015 Budget, a
New criminal offence for offshore evasion, and another criminal offence for corporates that fail to prevent evasion or that facilitate of evasion.
There will be higher financial penalties for evaders, including a penalty linked to the value of the asset kept in an offshore bank account, and civil penalties for those who enable evasion.
Gauke said: “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. 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.”