UK tax evaders are set to face tough new sanctions under plans detailed by HMRC yesterday (24/08/2016).

The proposals will mean that those who do not come forward and pay outstanding taxes from offshore investments and accounts, could face even tougher penalties of up to three times the tax they try to evade, and increase their risk of potential criminal charges.

HMRC will be better able to target evaders from October 2016, when it starts to receive an unprecedented amount of data on those with offshore accounts in the Crown Dependencies and Overseas Territories – one year ahead of even more data coming in from across...