Stephen Timms
Tax amnesty expires today
04 Jan 2010, our parliamentary correspondent, AccountancyAge
http://www.accountancyage.com/aa/news/1753145/tax-amnesty-expires
Offshore account holders have only hours left to take advantage of the amnesty guaranteeing a penalty of only 10% to reveal hitherto undisclosed investments to the taxman.
HMRC issued a New Year message drawing attention to today's [Mon Jan 4] deadline for the New Disclosure Opportunity scheme and warn tomorrow [Tues 5 Jan] will be too late.
The Final Warning said notice of intent can be made online at https://ndo.hmrc.gov.uk/ndo with full disclosure on paper by 31 January, or online by 12 March, adding that 300 banks in the UK have been sent formal demands for information and investigations will begin on Wednesday [5 March] with penalties of up to 100% and the possibility of prosecution.
Financial Secretary Stephen Timms said: "The use of offshore accounts to evade UK tax is illegal. It deprives the UK of tax revenues to fund essential public services and is unfair to the vast majority of honest taxpayers who pay what they should."
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Visitor comments
stephen timms is a joke
The breaking of immigration and employment laws routinely by the Indian outsourcing companies is "illegal". If Stephen Timms was so concerned about stuff that's illegal I suggest he points his nose in that direction. Instead he goes to India to proudly shout about wanting to give ever more UK work to India, well guess what that's my bread from my childs table you are taking.
Offshore bank accounts? Soft easy targets
Large Indian outsourcers and the multinationals using their slave labour staff? Fits the labour experiment of flooding the country with immigrants
Posted by: Stephen Smith , 04 Jan 2010 | 00:00