Taxpayers and companies who deliberately evade taxes face having their names, addresses and details of their evasion made public under new legislation which comes into force today.
Naming and shaming would be in addition to recent tougher interest and penalties, such as the new potential 200% penalty for some offshore-related tax offences.
Publicising evasion will have an impact on reputation, which will have more of a consequence for some than a straight-forward financial penalty, says PricewaterhouseCooper (PwC).
Tax partner at PwC Stephen Camm warns:"The best advice at this stage is to come clean before HMRC finds you.
"There are a number of disclosure initiatives currently being pushed by HMRC, such as the Tax Health Plan aimed at the medical profession, and the very generous Liechtenstein Disclosure Facility, which despite its name can be used by people with no past or existing financial relationship with Liechtenstein.
"So there is still time to make the best of a potentially bad situation for those worried about being caught out."
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