UK Steps Up Efforts Against Offshore Account Holders
The UK is to expand its efforts to target holders of offshore accounts who are avoiding UK tax. A new campaign aimed at offshore tax evaders has been launched following the agreement of a new global information-sharing deal.
So far 42 different tax jurisdictions have signed up to the new information-sharing initiative, which was agreed at the G20 in Australia recently. It is set to considerably expand the arrangements the UK currently has with crown dependencies and overseas territories.
George Osborne, Chancellor of the Exchequer, welcomed the agreement and the resulting initiatives against tax evasion. According to Osborne, “The UK government is on the side of the hardworking majority of people and companies who pay the tax they owe. 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.”