New disclosure facility and requirement to correct past non-compliance
The Government has announced that it will put in place a final disclosure facility for people who have not paid all of the tax which they should have done on their offshore assets; impose a “requirement to correct” past offshore non-compliance (i.e. paying less tax than is legally due); and impose tough new penalties on those who do not come forward as a result of these two measures and who are subsequently found not to have paid enough tax on their overseas income and assets.