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<p>The UK Government is at the forefront of the global response to international aggressive
tax planning and cross-border evasion, driving the international tax, transparency
and trade agenda forward under the UK's G8 presidency in 2013, and fully backing the
OECD's Base Erosion and Profit Shifting project.</p><p> </p><p>Under the Prime Minister's
leadership of the G8, the UK has led a global leap forward in international tax transparency,
meaning there are fewer places to hide. We are imposing tough new sanctions for those
who do not come forward under HM Revenue and Customs' (HMRC) offshore disclosure facilities.
There will be serious consequences for those who continue to believe they can hide
wealth offshore, when later on this year HMRC will consult on a new strict liability
criminal offence that could mean jail for those who do not declare taxable offshore
income. HMRC will also consult on tougher civil sanctions. In addition, last year
the Government entered into a series of Intergovernmental Agreements with the overseas
territories which will ensure that from September 2016 HMRC will receive details of
UK residents who have bank accounts and other investments in the overseas territories.</p><p>
</p><p> </p><p>HMRC co-operates with tax authorities in other countries, in areas
such as exchange of information and recovery of tax. Following the commitments made
at the G8, all of the UK's Overseas Territories with financial centres and the Crown
Dependencies have taken significant steps forward on tax transparency putting them
at the forefront of this agenda globally. In addition to signing agreements with the
UK for the automatic exchange of tax information, they have also agreed to be early
adopters of the new global standard for automatic exchange of tax information, committing
to an ambitious timetable of implementation as members of a group of 44 countries
and jurisdictions.</p>
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