Campaign to
be launched by George Osborne warns of fines double to amount of tax evaded and
possible prison sentences
theguardian.com,
Rowena Mason, political correspondent, Sunday 23 February 2014
George Osborne is to launch a new campaign warning people who hide their money offshore that they risk going to prison.
The chancellor said the net was closing on those who thought they did not have to play by the rules. Photograph: Bobby Yip/AFP/Getty Images |
George Osborne is to launch a new campaign warning people who hide their money offshore that they risk going to prison.
The new
advertisements feature a pair of eyes peering through a torn map of the world,
saying: "We are closing in on you."
It comes
after the chancellor attended the G20 finance ministers' meeting, where
countries agreed new standards on exchanging information about offshore bank
accounts.
The
government said most people had nothing to fear, but those hiding money from
the tax man would have to pay penalties of up to twice as much as the amount
evaded and could end up in jail.
"By
taking global action to reform the system alongside a tough approach to
enforcing the law at home, we will close the net on those who think they do not
have to play by the rules," Osborne said.
Jennie
Granger, HMRC's director for enforcement and compliance, said: "If you
have assets offshore you need to get in touch with us urgently, because we will
catch up with you. That can mean a fine of 200% of the tax that you owe, and
the possibility of criminal prosecution and a prison sentence.
"The
days of hiding money in another country to cheat the UK are coming to an
end."
The G20 is
also trying to stop multinational companies shifting their profits around
different jurisdictions to avoid paying tax, signing a pledge to deliver
''effective, practical and sustainable measures'' before the leaders' meeting
in Brisbane in November.
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