The United Kingdom may soon require tax dodgers with undeclared offshore assets to disclose information on the financial institutions and individuals who abetted their violations, British officials said Wednesday. The requirement could come as part of expected draft legislation that would give U.K. taxpayers through September 2018 to report outstanding tax liabilities and correct inaccuracies in previous tax disclosures in exchange for potential reductions in civil monetary penalties, according to a consultation paper by HM Revenue & Customs (HMRC). "In addition to disclosure of the tax, interest and penalties due, we are considering also requiring the taxpayer to provide information...
Britain's revenue collection agency is unlikely to undertake enforcement actions against banks for tax evasion anytime soon due to political pressures, conflicts of interests and insufficient resources, researchers believe.
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