With increased emphasis on clamping down on tax evaders, the government is yet again considering expanding the toolkit for HMRC with proposals to introduce a new criminal offence for offshore tax evasion. The idea is that the threat will deter all but the most extreme offenders. It will target those who fail to declare taxable income and gains arising offshore.

At the early stages so far with the measure out to consultation, tax advisers have responded cautiously to the proposals which would apply to income tax and capital gains tax but not, at this time, to other taxes such as inheritance tax (IHT).