Part 6: Administration and enforcement Section 50: International agreements to improve compliance: client notification Background note
This section has been introduced to support the government's wider offshore evasion strategy. The section will increase the effectiveness of HM Revenue & Customs (HMRC) compliance activity as well as increasing the deterrent effect for those who attempt to evade UK tax by holding financial assets outside of the UK.
	The UK will begin to receive information on offshore accounts and financial assets under the Common Reporting Standard from 2017 and at the same time will begin to share information with other tax authorities on accounts held in the UK.
	Financial institutions and tax advisers will be required to notify their customers about matters specified in regulations, which are likely to include the Common Reporting Standard, the penalties for evasion, and the opportunities to disclose previous evasion to HMRC. This will encourage individuals to make sure that they pay the right amount of tax on money held abroad.