The chancellor is expected to announce plans that will close the net on those evading tax in some of the least co-operative tax havens.
The Budget machine is firmly in motion this week with predictions emerging left, right and centre, but one of the most recurring forecasts is that Alistair Darling will launch a series of measures designed to clamp down tax evasion.
According to a report in today’s Financial Times, the maximum penalty for offshore tax evaders is expected to be doubled to 200% of the tax owed in a clampdown on those caught evading tax in the least co-operative tax havens such as the Turks and Caicos islands.
A Whitehall official told the newspaper: “These people with large bank balances who are hiding money offshore should be running scared of this announc...
About Gina Dyer
I've been a journalist for four years, writing on a wide variety of topics from business and finance to travel, culture and celebrities. I began my career as an editorial assistant for Palladian Publications, a B2B publisher specialising in technical magazines for professionals in primary industries. I later moved into consumer magazines as a staff writer for French Magazine, a monthly travel publication aimed at Francophiles, and was part of the launch team for The Traveller in France, a quarterly magazine produced for the French tourist board. I was also a regular contributor to online travel portal Homesworldwide.co.uk, and later worked with customer publishers Future Plus as a freelance production editor, before joining Sift Media in January 2009. I am currently Deputy Editor of AccountingWEB.co.uk.