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
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.
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans