UK proposals to toughen penalties for tax evasion by have been published, as the country’s authorities prepare to receive a big tranche of new data on offshore accounts.

The UK government is proposing new legislation requiring its taxpayers with outstanding offshore tax liabilities to come forward by September 2018, after which they will be subject to a new set of sanctions for “failing to correct”.

Toughening sanctions

The move is part of a broader toughening of sanctions for all those involved in offshore tax evasion. It comes as the UK tax authority prepares to take advantage of a new transparency initiative that will help it track down individuals who have hidden money offshore.

“Every penny of tax that people evade deprives our public services of essential funding and we are focused on collecting all tax that is due,” said Jane Ellison, financial secretary to the UK treasury.

“From October we will start to receive data on the offshore finances of UK taxpayers. This is a gamechanger in the fight against evasion and it’s time for anyone who is evading tax to do the right thing and pay what they owe.” – Copyright The Financial Times Limited 2016