Offshore tax evaders targeted with new ad campaign of warnings
 Campaign to be launched by George Osborne warns of fines double to amount of tax evaded and possible prison sentences George Osborne is to launch a new campaign warning people who hide their money offshore that they risk going to prison. The new advertisements feature a pair of eyes peering through a torn map of the world, saying: "We are closing in on you." It comes after the chancellor attended the G20 finance ministers' meeting, where countries agreed new standards on exchanging information about offshore bank accounts. The government said most people had nothing to fear, but those hiding money from the tax man would have to pay penalties of up to twice as much as the amount evaded and could end up in jail. "By taking global action to reform the system alongside a tough approach to enforcing the law at home, we will close the net on those who think they do not have to play by the rules," Osborne said. Jennie Granger, HMRC's director for enforcement and compliance, said: "If you have assets offshore you need to get in touch with us urgently, because we will catch up with you. That can mean a fine of 200% of the tax that you owe, and the possibility of criminal prosecution and a prison sentence. "The days of hiding money in another country to cheat the UK are coming to an end." The G20 is also trying to stop multinational companies shifting their profits around different jurisdictions to avoid paying tax, signing a pledge to deliver ''effective, practical and sustainable measures'' before the leaders' meeting in Brisbane in November. theguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds |
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