You are here: Home - Uncategorized -

Offshore tax amnesty gets off to a slow start

0
Written by:
23/05/2007

Wealthy people who have been dodging tax owed on their offshore savings have not come forward in any significant numbers to enjoy an official tax amnesty, according to senior accountants who have spoken to the BBC.

A leading accountant said that only a “few hundred” people had taken advantage of the amnesty offered by HM Revenue and Customs (HMRC) and that there are tens of thousands more who need to respond by 22nd June.

Failure to comply will mean substantial fines and possible criminal prosecution, with personal finances being thoroughly investigated by HMRC. But despite these threats the response has, reportedly, been poor.

“The number of people responding is much less than anticipated,” Chris Oates, partner in tax risk management at Ernst & Young, told the BBC.

“The contacts I have across the major accountancy firms indicate that just a few hundred people have actually notified the Revenue that they have tax to pay.”

An HMRC spokesperson said that he could not reveal how many people had responded to the amnesty. “We are not doing any counting exercises but we have a steady response.

“Our web page has received more than 20,000 hits and people have another full month to reply. We are expecting a deluge in the final few days.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
EDITOR’S BLOG: Money can’t buy happiness – or can it?

American comedian and film-maker Woody Allen once said: “Money is better than poverty, if only for financial reasons”, and you...

Close