Posts Tagged hmrc amnesty
UK Confirms Dates For Second “Offshore Bank Account” Amnesty
Posted by offshorebankaccounts in Uncategorized on July 9th, 2009
The UK government has confirmed that Taxpayer money will be spent on a national campaign with newspaper advertising in the run up to the new amnesty for offshore bank accounts. The “New Disclosure Order” (NDO) will start on September the first.
HMRC permanent secretary Dave Hartnett confirmed that money had been set aside for the campaign though adding that “It isn’t colossal”.
The disclosure of offshore bank accounts online is expected to play a greater role this year with a 4 month online disclosure window open between 1st October and 31st of January.
Source: Accountancy Age
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Offshore Bank Account Holders Granted Limited Tax Amnesty
Posted by offshorebankaccounts in Uncategorized on April 24th, 2009
Another amnesty is being prepared by HMRC to draw in more unpaid taxes.
The scheme know as the “New Disclosure Opportunity” may allow for reduced penalties for tax-dodgers who voluntarily disclose their offshore bank accounts.
The scheme follows in the footsteps of more aggressive promises from HMRC to forensically target the estates of the 4,000 richest families in Britain.
Currently, offshore account holders who wait for the government to investigate them face 70-100% penalties on top of their overdue tax. This new incentive could massively reduce these penalties, perhaps as much as a similar scheme launched in 2007, which charged a flat rate of 10% and netted 400 million pounds.
The recent budget report has taken a familiarly hard line against offshore accounts.
“Offshore accounts are being used by some to shield undeclared taxable income….Tax evasion and avoidance undermine fiscal sustainability, damage the delivery of policy objectives, impose significant costs on society and shift a greater tax burden on to ordinary taxpayers.”
Source: Telegraph