George Osborne
Media playback is unsupported on your device
Video

Offshore tax evasion: Osborne sets out new penalties

People who hide their money overseas to avoid paying tax face bigger fines and could be jailed more easily under government plans to fight tax evasion.

To prosecute at present, tax officials must prove a person holding income offshore has intended to evade tax.

But under a new criminal standard officials would only have to show money was taxable and undeclared.

Chancellor George Osborne said, "the message is very simple: if you are hiding your money offshore, we are coming to get you".

Go to next video: 'No haven' for overseas tax evaders