Any person that fails to declare their offshore income and gains for the 2011/12 tax year will face an increased tax geared penalty.
The level of the increased penalty will be dependent upon whether the asset was held in a jurisdiction that either:
* has not agreed to automatically exchange information with the UK (maximum penalty 150%); or
* has not agreed to exchange any information with the UK (maximum penalty 200%).
Assets held in countries that automatically exchange information with the UK will not face a higher penalty.
HMRC has published a list of the jurisdictions which fall into the three categories above.