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Editorial Staff
CoNet Section: 

When the USA passes laws relating to offshore income and assets, it's big news and around the world US citizens and those providing services to them get into something of a flap. But when the UK introduced, in November last year, a requirement for "anyone who has undeclared UK tax liabilities that involved offshore matters or transfers to disclose the relevant information about this non-compliance" there was barely a ripple. There should have been a storm because penalties are potentially devastating.