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.

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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.