A consultation on this change will be launched in spring 2018, the budget paper revealed.
The move follows the introduction of new Right To Correct (RTC) rules this month that means offshore tax evaders face penalties of up to 200% for non-compliance.
Paradise fallout
In the wake of the Paradise Papers, Hammond took the opportunity to reiterate the government’s commitment to “tackling offshore tax evasion by promoting the sharing of information and creating tough new penalties to encourage compliance”.
The government said it will take the steps required to investigate any wrongdoing.
According to the budget document, work undertaken by HMRC in response to the Panama Papers has resulted in 66 criminal and civil tax investigations.
HMRC has also asked the International Consortium of Investigative Journalists (ICIJ), which broke both stories, for the data from the recent ‘Paradise Papers’ to see what further investigations are required.
