After 30 November 2009, when the notification period ends, HMRC will begin to use the information they obtain about offshore accounts and assets from banks and financial institutions.
HMRC will be reviewing the affairs of people whose account details they hold and who have not notified HMRC that they intend to make a disclosure. They will compare the information already in their possession with people’s UK tax histories and continue to use their powers to obtain detailed information about other offshore accounts and assets.
Where there is a mismatch, HMRC may undertake compliance checks or enquiries to resolve matters. Where they discover that additional taxes are due, HMRC will seek higher penalties - up to 100 per cent of the outstanding amounts. HMRC will also consider criminal prosecution for tax evasion.
