HMRC offers deal on tax haven accounts

HM Revenue &
(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

The Sunday Times story

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