New systems will make it almost impossible to hide money in other countries, officials from HM Revenue & Customs (HMRC) have said.
The tax authority’s audacious claim comes ahead of automatic information-sharing between international banks, which will start to be introduced in January.
Under the new arrangements, more than 90 jurisdictions worldwide will start to share the financial details of Britons, including information on their bank accounts, property and trusts.
HMRC intends to run a high-profile advertising campaign, listing the countries who have signed up to the data-sharing deal and urging people who have previously tried to conceal their truth wealth overseas to come clean about their affairs.
David Gaulke, the financial secretary to the Treasury, said: “Under our new regime the small minority who evade tax offshore, facilitate or turn a blind eye to offshore tax evasion will face tougher sanctions.”
The Government hopes it can increase tax receipts by £565million by targeting those who have attempted to hide their money offshore.
In the New Year, a new system of punishments will be rolled out for anyone who fails to disclose tax. Those who own holiday homes or inherit bank accounts overseas are among those who could find themselves stung with the new penalties.
