Overseas tax evaders jail threat

Chancellor of the Exchequer George Osborne during a visit to Tilbury Docks in Essex. Credit: PA

People who avoid paying tax by stashing their money abroad could face a jail term under a new government clampdown.

Chancellor George Osborne is consulting on the creation of a new criminal offence to make it easier to prosecute British citizens who hold undisclosed money in offshore accounts.

The changes would give HM Revenue & Customs the power to prosecute people who do not declare their foreign income, even if they do not deliberately intend to avoid payment.


Osborne sets out new tax evasion clampdown

People who avoid paying tax by stashing money abroad could go to jail under a sweeping new set of regulations. Chancellor George Osborne said there would be "no safe haven" for people evading tax.