Moves to further increase UK penalties were announced by Chancellor George Osborne last weekend.

Mr Osborne said he wanted to change the rules to make it easier to impose harsher fines and longer jail terms on tax evaders.

Currently those who hide money offshore can be fined twice what they owe and may also face criminal sanctions and jail sentences.

Senator Ozouf said that Mr Osborne was talking about a potential change to UK domestic policy.

‘While others may have linked the issues, Jersey was never part of the announcement as the Chancellor was talking about offshore evasion in general,’ he said.

However, the Senator said that Jersey was supportive of UK moves to crack down on the use of offshore centres to evade tax.