Belfast Telegraph

UK's offshore tax dodgers run out of time

Anyone hiding money offshore could face new penalties of up to 200 per cent, HM Revenue & Customs (HMRC) warned today.

From 6 April 2011 penalties for offshore non-compliance - for income tax and capital gains tax - will be linked to the tax transparency of the country involved.

There will be increased penalties in place for under-declared income and gains from territories which do not automatically share tax information with the UK.

Belfast Telegraph