UK to double offshore fines

| 23/03/2010

(Times): Alistair Darling will double the fines for offshore tax cheats tomorrow as he searches for cash to reduce the deficit. The UK Chancellor will use the Budget to announce that anyone found hiding money from the Treasury in tax havens will face a 200% fine on its taxable value. Under current rules, those avoiding £10,000 worth of tax overseas face a fine of up to the same value. Under Alistair Darling’s new rules, they could be fined up to £20,000. Together with other measures, Darling aims to save more than £1 billion a year. Darling is expected to argue that with the public finances in the worst shape for a generation, tax revenue is more important then ever.

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