HMRC collects £400m from offshore account holders

HMRC collects £400m from offshore account holders

Revenue collections to swell to £500m as individuals with large and complex foreign accounts given more time to settle unpaid tax

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
the HMRC.

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
report
said.

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
bills.

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
account information.

Further reading:

Ringfencing amnesty would be a nightmare

HMRC backtracks on second tax amnesty

THE BIG QUESTION: SECOND OFFSHORE TAX
AMNESTY?

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource