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February 25, 2014updated 04 Apr 2017 2:28pm

HMRC rolls out new campaign to target offshore tax evasion

HM Revenue and Customs (HMRC) has rolled out a new advertising campaign to target British taxpayers who have hidden their money in offshore accounts.

By Verdict Staff

HM Revenue and Customs (HMRC) has rolled out a new advertising campaign to target British taxpayers who have hidden their money in offshore accounts.

The launch of the new campaign follows a shared commitment by G20 ministers to fight against global tax avoidance and evasion in a meeting held in Australia by British Chancellor George Osborne.

The HMRC campaign has been running in national newspapers and weekly magazines from 24 February 2014.

HMRC said that anyone who fails to declare the tax they owe will have to pay the tax itself as well as penalties of up to twice that sum, and could face imprisonment.

The campaign also highlights that tax evaders could face fines of 200% of the tax they owe as well as the possibility of criminal prosecution and imprisonment.

The G20 agreement will focus on ensuring that developing countries will benefit from automatic information sharing alongside developed economies.

Additionally, the major targets of the G20 agreement are the multinational organizations that are shifting their profits to avoid paying tax.

Osborne said: "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."

Jennie Granger, director general for enforcement and compliance, HMRC, said: "The days of hiding money in another country to cheat the UK are coming to an end."

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