Government to hit tax evaders

BRITISH residents with offshore bank accounts will face investigation by HM Revenue & Customs if they fail to disclose them.

HMRC has warned that the New Disclosure Opportunity (NDO), which expired last night, was the last chance for people to come clean about offshore accounts.

From 12 March, the Revenue plans to launch investigations into individuals it believes have underpaid tax, using details from more than 300 banks.

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Those who are found to have undisclosed tax liabilities will face penalties of between 30-100 per cent of what they owe, as well as the risk of criminal prosecution.