Taxpayers show little interest in amnesty offer
22 May 2007, AccountancyAge.com, AccountancyAge
http://www.accountancyage.com/aa/news/1776381/taxpayers-little-amnesty-offer
Ernst & Young has claimed that just a 'few hundred' people have so far taken advantage of HM Revenue & Custom’s offshore savings amnesty.
Tens of thousands of people have until 22 June to either tell HMRC they owe tax or face substantial fines and possible criminal prosecution.
The Revenue said it had received a 'steady' response to its amnesty.
But Chris Oates, partner in tax risk management, at Ernst & Young told BBC News that the numbers of people responding was much less than anticipated.
‘The contacts I have across the major accountancy firms indicate that just a few hundred people have actually notified the Revenue that there is tax to pay,’ Oates added.
Further reading:
Banks reveal offshore company and trust details to HMRC
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Visitor comments
HMRC amnesty offer
Just a 'few hundred' people taking advantage of Revenue offer? More fool those who don't.
It's the best offer they're going to get, and HMRC has the details to go after those who don't declare their accounts.
Posted by: Gareth , 22 May 2007 | 00:00
Tax amnesty
What nonsense is this? If HMRC has the evidence from the banks of overseas accounts holders who have not declared income, why wait for them to come forward?
Why is the HMRC so shy all of a sudden; they are not normally. They should assess and tax now - or could it be that these tens of thousands of tax dodgers don't actually exist?
Posted by: Mr Sceptical , 02 Jun 2007 | 00:00