“Savers who stash money in offshore accounts are more likely to be prosecuted under government plans to get tough on tax evasion. The Treasury unveiled plans last night to simplify laws and make it a criminal offence for Britons to hold undeclared income overseas. Currently, HM Revenue & Customs can only secure a conviction if it can prove that an individual was trying to hide money from the authorities. But George Osborne will shift the ‘burden of proof’, meaning that accused individuals under investigation must demonstrate that this was not the case. Convicted criminals will pay a hefty fine or face jail under the plans.”
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