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UK Amnesty Deadline Approaching For Solicitors

by Robert Lee, Tax-News.com, London

03 June 2015


HM Revenue and Customs (HMRC) has reminded UK solicitors that they have until June 9 to benefit from a tax amnesty scheme and disclose and pay tax owed.

The Solicitors' Tax Campaign was launched in December 2014. It is HMRC's latest voluntary disclosure program, set up to allow specific groups to get their tax affairs in order on the best available terms.

HMRC said that any penalties imposed on participants will be lower than if it has to investigate their tax affairs. Anyone who does not pay what they owe will face a penalty of up to 100 percent of the tax due. This could increase in the case of offshore income.

Caroline Addison, Head of Campaigns at HMRC, said: "This disclosure scheme gives firms a fair chance to come forward and avoid tough penalties but we will not hesitate to investigate and penalize those still evading tax they owe once this opportunity passes. We don't think it's too much to ask that solicitors abide by the law and pay the tax they owe."

Previous campaigns have targeted medical professionals, plumbers, online traders, and landlords. They have raised over GBP1bn (USD1.5bn) from voluntary disclosures and HMRC follow-ups.

TAGS: compliance | tax | tax compliance | tax avoidance | revenue guidance | law | tax authority | offshore | professionals | HM Revenue and Customs (HMRC) | revenue statistics | penalties | HM Revenue and Customs (HMRC) | trade | Tax | Tax Evasion

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