The Times has reported that:
HM Revenue & Customs has clawed back £400 million from people with offshore bank accounts after it granted a partial amnesty.
The holders of about 45,000 offshore accounts, many of which are in tax havens such as Guernsey and Jersey, owned up to unpaid tax bills before the November 26 deadline, thus […]
The PWC web site (which is well protected by passwords - heaven knows why) has the follwoing to say this week on action needed on the UK tax amnesty:
The period allowed to notify the intention to disclose information on offshore bank accounts under the Offshore Disclosure Facility (ODF) ended on 22 June 2007 with a […]
Accountancy Age reports that:
The taxman is preparing to launch enquiries into at least 100,000 taxpayers who failed to disclose off-shore bank accounts to HM Revenue & Customs under the off-shore disclosure amnesty.
60,000 made disclosures as part of the disclosure scheme. Insiders at HMRC said officials were sending out 3,500 enquiry letters a week to taxpayers […]
It’s the day when you tell the Revenue you owe tax under their ‘amnesty’, or face the consequences. As the BBC has noted, early this week just 25,000 of the 400,000 suspected cases had confessed.
Now at least 30% of those 400,000 cases will not give rise to liability. I say that because 30% of all […]
The FT reports that 10,000 people have now registered under the UK ‘tax amnesty’ and 50,000 have downloaded the forms.
Last week I agreed with KPMG on this issue. Today it’s the turn of PWC, as quoted in the FT:
Tax experts believe that the Revenue is likely to target high- profile cases after the amnesty, although […]
It seems that remarkably few of the 400,000 or so people who it is known have received letters from banks and HM Revenue & Customs about their offshore bank accounts have decided to own up to unpaid tax.
I can only repeat what KPMG have to say on this:
It’s difficult to fathom why so few people […]
There’s a new twist in the UK’s so-called ‘tax amnesty’. Those who have had their details disclosed to the Revenue should all have had a letter from their banks. That’s 400,000 or so letters.
At present just 6,600 have told the Revenue they have something to confess as a result. Of course, some won’t need to […]
Dave Hartnett has vowed that all 550 UK banks will be brought within the offshore disclsoure net so that HMRC can discover which UK residents they are servicing from offshore.
Good for HMRC, I say.
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The Telegraph reports this morning that:
Despite the Revenue’s crackdown, investing your money overseas can still pay.
It then goes on to say that the Court ruling that gave the revenue access to details of offshore bank accounts held by UK resident people was made last month. That’s some measure of the accuracy of this piece.
But look […]
This report in the Sunday Times seems a good summary of progress to date on the so-called ‘tax amnesty’. I agree with the sentiment in the report that many of those who will declare will do so at the last minute.
That so many have contacted the Revenue already gives a lie to the fact that […]
