Taxman confirms 10,000 offshore declarations

Just 10,000 people have declared untaxed funds held offshore in the latest UK tax amnesty, HM Revenue & Customs' confirmed.

Stephen Timms, financial secretary to the Treasury, said those still hiding money offshore was "morally unacceptable", and the taxman would bring forward measures over the next year to close down offshore tax evasion "for good".

"It robs public services of funding and places an unfair burden on the honest majority of taxpayers."

Chris Oates, tax partner in E& Y's tax controversy and risk management practice, said the figure was "significantly lower" than expected, and would have adverse effect on HMRC.

"It does mean that HMRC may have to commit a lot more resources to investigating people who have not come forward than they would have hoped," said Oates.

"This could have significant resource implications for HMRC if they are to deal with it appropriately at a time when they are looking to substantially reduce staffing numbers."

Dave Hartnett, HMRC’s permanent secretary for tax, said: "Now the NDO is closed, HMRC is beginning the job of using the data we have obtained from banks to identify people who have not made disclosures despite having hidden their money offshore."

Further reading:

50% tax has failed