UK Offshore tax evaders face much higher penalties for non-compliance under new HM Revenue and Customs rules

UK Offshore tax evaders face much higher penalties for non-compliance under new HM Revenue and Customs rules. The legislation requires those with undeclared offshore tax liabilities to disclose them to HMRC before the 30th of September next year.

When the Right to Correct rules come into force, offenders can expect to be penalised a minimum of 100 percent of the tax owed. There’s a maximum penalty of 200 percent of the tax owed for the worst offenders, as well as a 10 percent levy on the value of assets. Those with knowledge of non-compliance who don’t correct tax owed of over 25 thousand pounds, may have their details published by HM Customs and Revenue.