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Category Archives: Amnesty

Help for the practitioner

23-Apr-07

I mentioned earlier today that I felt the combined tax institutes advice to their members on how to deal with HMRC’s ‘tax amnesty’ was ‘pathetic‘. In particular I thought the letter they suggested be sent a client missed the required target by a mile.
So, in a spirit of goodwill I’ll tell you this is what [...]

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The Channel Island’s respond to the tax amnesty

23-Apr-07

It’s fascinating to read the response to the UK’s ‘tax amnesty’ in the Channel Islands. Remember, the information the Revenue have got on half a million or more accounts only comes from there and the Isle of Man, with Jersey having more cash than the others by some way on deposit with its banks.
Geoff Cook [...]

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The tax institues - making all the wrong choices on the ‘tax amnesty’

23-Apr-07

I’ve already blogged about my profound disappointment with the response offered by the combined professional tax institutes to HMRC’s offshore tax disclosure scheme.
It seems to me that this might be a seminal moment for these institues in the UK for two reasons. First their credibility depends upon the confidence their members have in them. Second, [...]

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The Institutes - failing to live up to expectation on the tax amnesty

23-Apr-07

I have to be candid, I am appalled by the response of the UK’s tax institute’s to the HMRC offer of reduced tax penalties to those making voluntary disclosure of their offshore bank accounts. I’m pleased to see I’m not alone. My friend Dennis Howlett shares my concern.
The first thing that worries me is that [...]

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Accountancy Age - spot on regarding domicile

18-Apr-07

Accountancy Age has discussed the problems that have given rise to the need for a tax amnesty. As it says:

What the taxman needs to create is a culture in which such evasion, and contrived tax avoidance, is frowned upon.
In that context, it should start with its own policies. Where tax on foreign income is concerned, [...]

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Cough up, or else

18-Apr-07

HMRC have made clear that the ‘tax amnesty’ is an opportunity. As Accountancy Age reports:

Offshore tax evaders are set to feel the full force of the taxman’s wrath if they fail to take part in the offshore amnesty announced this week, the taxman has made clear.

The body told Accountancy Age that it will be sending [...]

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The bit about the amnesty most people are ignoring

18-Apr-07

I said recently I didn’t often quite the Telegraph, but I’m going to again. It has a neat little table on the consequences of the UK tax amnesty for a person holding £100,000 offshore, deposited at the rate of £10,000 a year over 10 years. They say that tax on the interest would be £12,827, [...]

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The UK tax amnesty

18-Apr-07

What is to be made of the UK Revenue’s announcement that a tax amnesty is to be offered?
I blogged this issue yesterday, not knowing that the amnesty was to be announced during the day. And I have to say I’m pleased that the conditions I laid down look like they will be met, bar that [...]

Also filed in Corruption, Tax Havens, Tax management | | Comments (7) »