You are here: Home - Uncategorized -

Offshore tax dodgers given last chance by Revenue

Written by:

A part amnesty is being offered to people who have dodged tax by moving funds into offshore bank accounts.

Those brave enough to own up to tax evasion will pay back taxes with interest added and 10% of the tax owed. But if recalcitrants do not come forward they will be liable to a full Revenue & Customs investigation and a fine equivalent to 100% of the tax owed.

The Revenue has details on thousands of accounts held offshore in locations such as the Isle of Man and the Channel Islands and is determined to stop people using them to evade UK tax illegally.

“There are some seriously dodgy people who use offshore bank accounts,” said a source in the City who refused to be named.

“The very last thing they would want is Revenue & Customs poking about in their financial affairs and uncovering all sorts of chicanery that is better left in the shadows. In short, it’s worth their while to come clean.”

A Revenue spokesperson said: “People must come forward now. Failure to come forward will mean that we will go into full enforcement mode.”

Chas Roy-Chowdury, head of taxation at the Association of Chartered Certified Accountants, said: “People would be well-advised to come forward now and take advantage of the amnesty. Any investigation may prompt uncomfortable questions.”


Tag Box




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:
Boots gives ‘old-fashioned’ cheques the boot

Boots the chemist is banning cheques from its 1,500 UK and Republic of Ireland stores from 1st May after conceding...