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16 May 2007
But HMRC could be hindered by the amount of information it will be provided with on trusts and companies, most of which will be useless to the taxman.
'However, HMRC must have considered this and still believes it is worth while to go after company and trust cases,' said Cassidy.
HMRC's tax amnesty, known as the offshore disclosure facility , is also effective for onshore tax evasion disclosures before the 22 June cutoff date.
Tax and interest for up to 20 years of disclosure will have to be paid, along with a 10% penalty, under the terms of the offshore disclosure facility.
Further reading:
Hit squads 'will move in after amnesty'
'However, HMRC must have considered this and still believes it is worth while to go after company and trust cases,' said Cassidy.
HMRC's tax amnesty, known as the offshore disclosure facility , is also effective for onshore tax evasion disclosures before the 22 June cutoff date.
Tax and interest for up to 20 years of disclosure will have to be paid, along with a 10% penalty, under the terms of the offshore disclosure facility.
Further reading:
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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