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UK Declares War On Offshore Tax Evasion,
by Robert Lee, Tax-News.com, London
Monday, January 11, 2010
The UK government has confirmed that just 10,000 individuals used its latest
offshore tax amnesty known as the New Disclosure Opportunity, which expired
on January 4.
Tax experts had been predicting a low-take up by offshore account holders of
the new scheme, but considering that Chancellor of the Exchequer Alistair Darling
was hoping that the NDO would raise GBP1bn in additional tax revenues, the government
must be disappointed by the response.
PricewaterhouseCoopers predicted recently that HM Revenue and Customs would
collect about GBP135m in back taxes, interest and penalties from the scheme,
which capped penalties at 10% for most disclosures, based on 13,000 voluntary
declarations.
Blasting offshore tax evasion as "morally unacceptable", Treasury
Minister Stephen Timms warned those who insist on hiding assets offshore that
HMRC has data on customers of more than 300 banks, and those found not to have
made a disclosure will face penalties of up to 100% in future if collared by
the tax man.
"Hiding money in offshore accounts to evade tax is economically and morally
unacceptable. It robs public services of funding and places an unfair burden
on the honest majority of taxpayers," Timms remarked.
“Some people will still be tempted, and that is why the government will
bring forward measures during 2010 to build on the significant progress made
both in the UK and globally during 2009 in closing down offshore tax evasion
for good," he added.
Dave Hartnett, HMRC’s Permanent Secretary for Tax confirmed that HMRC
is beginning the job of using the data obtained from banks to identify people
who have not made disclosures.
However, he stressed that penalties may still
be reduced for those who make a voluntary declaration "This means it's
still well worth contacting HMRC if you have undisclosed offshore accounts,"
he stated.
Hartnett also revealed that HMRC is examining information about offshore accounts
in order to identify intermediaries who have assisted UK residents in setting
offshore financial arrangements in order to avoid UK tax.
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