An estimated 45,000 UK offshore account holders have confessed to unpaid tax
bills to HM Revenue & Customs.
The individuals owned up under the partial amnesty arrangements offered by
Government registered a total of £400m in tax payments as taxpayers rapidly
sought to take advantage of the 10% penalty cap offered by the taxman for
payments made by November 26.
The highest amount paid in by an individual was £3m while the average payment
was £9,000, a
Revenue admitted however that the amount still fell short of the estimated
£1.75bn owed by customers of five high street bank, who were forced to own up to
holding offshore accounts by court orders.
But the total amount paid in could increase to £500m when payments by
individuals of particularly large and complex offshore holdings – who have been
given extra time to make their payments – finally settled their unpaid tax
HMRC is now considering whether it should offer a similar cap to customers of
170 other banks, after it obtains court orders compelling disclosure of offshore
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC