HMRC has begun a fresh clampdown on offshore accounts set up to evade tax with the launch of a fresh advertising campaign targeting tax avoidance.
Launched by chancellor George Osborne the commercial highlights some of the sticks which can be used to beat miscreants; including punitive fines of 200 per cent of tax owed in addition to criminal prosecution and jail terms.
Speaking to Australia’s ABC TV Osborne said that the campaign was about ‘fairness’ as tax avoidance meant everyone else was lumbered with higher taxes to plug the gap.
He added that HMRC expected “… to collect a significant amount of revenue but the challenge is finding out exactly what is hidden offshore."
Osborne is currently attending a G20 summit of finance ministers, coordinating a global clampdown on tax avoidance.