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| New proposals to tackle offshore tax evasion | |
| (35 minutes later) | |
| People who hide their money overseas to avoid paying tax face bigger fines and could be jailed more easily under government plans to fight tax evasion. | |
| To prosecute at present, tax officials must prove a person holding income offshore has intended to evade tax. | To prosecute at present, tax officials must prove a person holding income offshore has intended to evade tax. |
| But under a new criminal standard officials would only have to show money was taxable and undeclared. | |
| Chancellor George Osborne said the changes would mean there was "no safe haven" for those evading tax. | |
| A consultation will be held to let the public have their say on the plans. | A consultation will be held to let the public have their say on the plans. |
| Whistleblowers' bonus | Whistleblowers' bonus |
| In recent months, the UK has joined other G20 countries in focussing on moves to share information about tax evasion. | |
| Now Mr Osborne says the government will consult on a new criminal standard, harsher fines and increased jail sentences. | |
| At present offshore tax evaders can be fined twice the amount they owe, and can face criminal prosecution and a possible prison sentence. | At present offshore tax evaders can be fined twice the amount they owe, and can face criminal prosecution and a possible prison sentence. |
| The government will look at options to increase these penalties, as well as the possibility of financial rewards for whistleblowers who "help uncover" untaxed offshore assets. | |
| Mr Osborne, who is in Washington DC for the spring meeting of the International Monetary Fund and World Bank, told the Financial Times: "We are changing the balance of the law so the burden of proof falls on those who are hiding their money offshore and we don't have to prove that they intended to do so. | Mr Osborne, who is in Washington DC for the spring meeting of the International Monetary Fund and World Bank, told the Financial Times: "We are changing the balance of the law so the burden of proof falls on those who are hiding their money offshore and we don't have to prove that they intended to do so. |
| "It is totally unacceptable for people not to pay the tax that is due and the message will be clear now with this new criminal offence that if you're evading tax offshore, there is no safe haven and we will find you." | "It is totally unacceptable for people not to pay the tax that is due and the message will be clear now with this new criminal offence that if you're evading tax offshore, there is no safe haven and we will find you." |
| Prime Minister David Cameron made tax a key issue during Britain's presidency of the G8 last year. | Prime Minister David Cameron made tax a key issue during Britain's presidency of the G8 last year. |
| More than £1.5bn has been recovered from offshore tax evaders over the past two years, according to HM Revenue & Customs. | More than £1.5bn has been recovered from offshore tax evaders over the past two years, according to HM Revenue & Customs. |