The UK government yesterday unveiled its strategy for eliminating offshore tax evasion as part of a push to raise additional revenue, using key Fatca-style agreements with jurisdictions to give authorities a clear view of potentially taxable income abroad.

In his 2013 Budget address, the Chancellor of the Exchequer George Osborne said the UK was working on information exchange agreements with Jersey, Guernsey and the Isle of Man that could raise £1bn in new revenue over five years. HM Revenue & Customs also published an action plan for tackling offshore tax evasion through 2017 and beyond.