HMRC increased its requests to overseas authorities for information on UK taxpayers by 24 percent in the last year.

As HMRC intensifies its crackdown on hidden offshore assets, it made 540 requests under Double Taxation Agreements, law firm Pinsent Masons has revealed.

The law firm claimed HMRC is increasing its investigations overseas into taxpayers it believes are hiding assets. Investigations can lead to penalties of up to 200 percent of the tax owed.

HMRC is under pressure to more actively investigate taxpayers with hidden offshore assets since the Panama Papers leak and there is currently an open parliame...