Tax evaders have until 30 September 2016 to disclose hidden assets or investments and pay the tax, interest and any penalties due.

At the end of this period, HMRC will automatically receive information from banks in Jersey, Guernsey and the Isle of Man identifying all account holders, under ground-breaking agreements to tackle tax evasion.

The disclosure facility allows people to voluntarily settle their tax affairs before HMRC starts to target fraudsters who refuse to comply.

Those who ignore the disclosure opportunity could face criminal prosecution, significantly higher penalties, and the risk of having their names published.

In January, HMRC publicly named and shamed tax cheats on its website for the first time.

A package of measures designed for those hiding assets offshore was agreed between the UK and the governments of the Isle of Man in February 2013, and Guernsey and Jersey in March 2013.

Exchequer secretary David Gauke said: “The net is closing in on those seeking to hide their money offshore to evade their tax responsibilities. While the majority of people and businesses pay what they owe, this Government is determined to tackle the minority of tax evaders who don’t.”

HMRC’s director general for enforcement and compliance, Jennie Granger, said: “HMRC is making sure that there is no safe haven for people who want to try and cheat the tax system by hiding their money overseas.

“These disclosure facilities give an opportunity for individuals with investments in the Isle of Man, Guernsey or Jersey to make a voluntary disclosure of any undeclared tax liabilities to HMRC before we challenge them.

“People with overseas assets or investments who have correctly declared income to HMRC and paid tax have nothing to fear. Those who haven’t, and who do not make use of the disclosure facilities, face the prospect of a criminal investigation or a significant financial penalty, and the risk of having their name published, once the new information sharing agreement kicks in.”