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Komfie Manalo, Opalesque Asia:

The United Kingdom is set to implement a tougher set of tax rules to make it easier for authorities to prosecute people accused of hiding their wealth in offshore bank accounts.

The new legislation was introduced amidst pressure from the HSBC tax evasion scandal.

Under existing tax laws, prosecutors have to establish that a person has a criminal intent for hiding money in offshore bank before a conviction is made against that person.

The Treasury is proposing for tougher measures that will make it easier to convict any person accused of tax evasion. Amongst the proposals is to provide a "a fast-track route to criminal prosecutions" that would lead to successful prosecutions and more jail time.

Michael Avient, tax partner at national accountancy group UHY Hacker Young, was quoted as saying, "It was expected that the introduction of a new tax evasion law was going to be brought forward in the Autumn Statement but it was quietly dropped. We are opposed to this measure as it may lead to prosecutions of people who are simply negligent or forgetful."

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