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16 May 2007
HMRC's tax 'amnesty' is wider-ranging than previously believed, with banks providing the taxman details of accounts held by offshore companies and trusts with a connection to UK individuals, warns PKF.
PKF tax investigations partner John Cassidy said the firm had come across instances of banks supplying account details for offshore companies and trusts, which is a wider provision of information than expected, and individuals will be liable for penalties if tax evasion can be proved.
'It has quickly become apparent that the banks' provision of in formation is much wider than most people expected; bank letters we have seen clearly show that they have supplied details of company bank accounts,' said Cassidy.
'Anyone who thinks their funds are still secret because they used an offshore company or trust might be in for a nasty surprise.'
PKF tax investigations partner John Cassidy said the firm had come across instances of banks supplying account details for offshore companies and trusts, which is a wider provision of information than expected, and individuals will be liable for penalties if tax evasion can be proved.
'It has quickly become apparent that the banks' provision of in formation is much wider than most people expected; bank letters we have seen clearly show that they have supplied details of company bank accounts,' said Cassidy.
'Anyone who thinks their funds are still secret because they used an offshore company or trust might be in for a nasty surprise.'
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Visitor comments Add your comment
Am I cynical?
If HMRC is going to be so overrun with information that it won't be able to carry out any meaningful\cost effective investigations - why bother?
Perhaps its because voluntary disclosure will net them lots of money... A cost vs benefit exercise is then carried out; resulting in those who don't report getting away with it...
Just an observation - and question as to why they have embarked on yet another costly exercise...
Posted by: ashley smith, 16 May 2007 | 00:00