Taxman tightens up on offshore assets

Taxpayers have been warned that time is running out for anyone with offshore assets before tougher penalties kick in.

New, tougher penalties take effect from 1 October and HM Revenue and Customs (HMRC) advises anyone with overseas assets to put their cards on the table quickly or risk much bigger fines.

It said it would prosecute the most serious cases of tax evasion.