August 24 2016
The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed.
Published on Wednesday, the measures represent the second government consultation in two weeks on sanctions against tax cheats. The prime minister, Theresa May, promised to be tough on tax evasion and avoidance last month during her campaign to become leader of the Conservatives. The Treasury has acted swiftly to signal a tougher stance with greater powers for tax inspectors.