A new campaign has been launched by the chancellor to target those who evade tax. George Osborne has confirmed HM Revenue and Customs (HMRC) will work with G20 members to track down people who use offshore accounts to evade paying tax.
The UK last year signed up to an agreement with France, Germany, Spain and Italy to increase resources to ensure those who attempt to dodge their financial commitments are brought to justice. Since the scheme was launched in 2013, a total of 43 countries are now working towards reducing options for offshore accounts.
Mr Osborne said: "Last year the prime minister put tax at the heart of the UK's G8 agenda, leading to ground breaking consensus on the action needed to bring greater transparency and fairness to the global tax system. The G20 took up the baton and at this meeting we agreed the next steps in the international fight against tax avoidance and evasion." He added that the steps will protect those businesses and contractors who do meet their tax obligations.