On 24 August 2016, UK HMRC published a consultation document on a new offshore penalties framework for taxpayers that fail to correct their outstanding tax liabilities relating to offshore interests. The consultation is in relation to strengthened efforts to counter offshore evasion, including the OECD Common Reporting Standard (CRS) for the exchange of financial account information, which the UK has committed to adopt. According to the consultation document, for taxpayers that correct their outstanding tax liabilities by 30 September 2018 (the date by which HMRC expects to receive CRS data from all committed jurisdictions), the penalties under current statutes for...