HMRC hits offshore tax cheats with 200% fines

Penalties for under-declared income and gains from territories which do not automatically share tax information with the UK will be increased to 200% of the tax evaded. "The game is up for those going offshore to evade tax," says David Gauke, financial secretary to the Treasury. "We have given HMRC an extra £900m to tackle tax cheats because we are prepared to act against the minority who refuse to pay what they owe." Dave Hartnett, permanent secretary for tax HMRC, adds: "We are serious about tackling offshore evasion. "These new penalties will increase the deterrent against of...