The figure is much lower than the £1bn it announced it would raise in 2013 – possible due to the lower number of people coming forward.
Overall, HMRC says it has raised £2.4bn from offshore evasion initiatives since 2010 and is conducting criminal investigations against more than 90 individuals for offshore offences.
However, Lorimer believes the “real wave” of criminal investigations will take place one the second phase of the CRS comes into effect in 2018.
“I suspect the real information about people who deliberately trying to hide their tax affairs from HMRC will come when the third wave of information comes through. This is the first, the second will be the early adopters of the Common Reporting Standard (CRS) and the third will be widespread adopters,” she said.
Tougher penalties
In August, HMRC announced plans to increase the penalties on anyone who has not paid outstanding taxes from offshore investments. Tax evaders will pay up to three times the tax evaded, according to proposals set out in a consultation paper.
“HMRC has given people ample opportunity to regularise their affairs. If they choose not to, it is right and fair that we make sure that the penalties they face, and the penalties for those who assist them, reflect the wider harm caused by their actions and act as an effective deterrent to others,” warned Jennifer Ellison, financial secretary to the Treasury, at the time.
Earlier this month, the tax authority also confirmed it will open its Worldwide Disclosure Facility (WDF) from the 5 September 2016, which allows those with outstanding tax to pay to put their affairs in order though offers no special terms.
