TaxAdministrationHMRC offers deal on tax haven accounts

HMRC offers deal on tax haven accounts

HMRC has offered reduced penalties to holders of secret savings in tax haven bank accounts who give themselves up

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

Related Articles

Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

1w Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
HRMC loses £653,000 tax battle following administration error

Administration HRMC loses £653,000 tax battle following administration error

1y Fraser Simpson, Reporter
European inquiry into Panama Papers receives go-ahead

Administration European inquiry into Panama Papers receives go-ahead

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter