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Tuesday 18th March 2008
HM Revenue & Customs are chasing thousands of people who they believe are using offshore bank accounts to hide assets. The taxman has decided to offer all 5000 culprits the opportunity to come clean during a short amnesty in which they will be not be penalised for declaring the income.
UK citizens are under no obligation to reply to the letters which are being sent out but have been warned by a leading accountant that the taxman has credible information and legal advice should be taken.
Once the HMRC amnesty is finished anyone who is caught will face severe punishment with minimum fines of around 30% of the asset value. A spokesman for HMRC said that the tax department will not be put off by location or status and will next target financial organisations which may be helping the tax dodgers.
The offshore tax amnesty is just part of the large scale operation currently being carried out by HM Revenue & Customs to reclaim billions of pounds of unpaid tax every year.
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