On 24 August 2016, UK HMRC published a consultation document on a new offshore penalties framework for taxpayers that fail to correct their outstanding tax liabilities relating to offshore interests. The consultation is in relation to strengthened efforts to counter offshore evasion, including the OECD Common Reporting Standard (CRS) for the exchange of financial account information, which the UK has committed to adopt.
According to the consultation document, for taxpayers that correct their…