HMRC offers deal on tax haven accounts

HM Revenue & Customs (HMRC) has offered reduced penalities to people with secret savings in tax havens in Europe and the Channel Islands in an effort to them flush out ahead of legal moves to force 117 foreign and UK institutions to disclose customers’ details.

The Revenue is also targeting 20,000 customers who registered for the first amnesty scheme last year but then failed to come forward with their details. About 64,000 people registered ahead of the deadline in November last year, but only 45,000 made a subsequent disclosure.

In an exclusive interview with The Sunday Times, Dave Hartnett, HMRC acting chairman, said he would call for jail terms for those who did not come forward at last year’s amnesty. ‘Why should we give you a second chance to have a good deal?’ he asked.

HMRC is prepared to prosecute up to 10 tax evaders who have been discovered. It is now pursuing another 15 Liechtenstein banks for money thought to be buried in the principality and is also seeking orders to persuade an initial 25 foreign banks to produce details of accounts held by Britons in the Channel and Virgin islands, Panama and Monaco.

Further reading:

UK taxman closes in on 300 wealthy Britons

Read The Sunday Times story