TaxPersonal TaxRingfencing amnesty would be a nightmare

Ringfencing amnesty would be a nightmare

Plans to ‘ringfence’ a second offshore disclosure regime could prove an administrative nightmare, advisers have warned

HM Revenue &
Customs
has indicated that a second ‘amnesty’ is on the cards, but suggested
the opportunity would only be for account holders at the banks targeted by the
taxman’s second wave of disclosure orders.

Baker Tilly head of tax George Bull told Accountancy Age that the
taxman would find it ‘impossible’ to start another facility. ‘They are opening
themselves up to major challenges if the second facility is restricted to the
second set of banks. You’d have a situation where the penalties you face [as a
tax evader] depend on where you bank. There’s no certainty, or fairness,’ said
Bull.

Dave Hartnett, now acting chairman at HMRC, said a fortnight ago: ‘We want to
offer something similar to those who haven’t received letters from their banks.
We haven’t quite worked out how to do it yet.’

Plans for a second offshore facility are on hold, advisers suggested, while
the taxman works on the fiasco over the lost child benefit data. HMRC is
understood to be pressing ahead with the moves, however.

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