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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Wednesday 23rd July 2008
The tiny European country of Liechtenstein is at the centre of a massive investigation by HM Revenue & Customs (HMRC) into British citizens who have asset hidden overseas. The UK government forced five major banks to hand over the records of 400,000 customers with offshore accounts and has been investigating these hidden assets for some time.
While not all of the 400,000 customers are suspected of any type of tax evasion or money laundering, HMRC estimate that up to 100,000 cases may need further investigation. Indeed since the investigation was announced 40,000 account holders have come forward and agreed to payback a total of £450 million in back taxes. The remaining 60,000 suspect account holders will be formally interviewed by HMRC and further action will be taken through the courts if appropriate.
The last few months has seen the government attempt to close a number of tax loop holes with varying success, but the fact that over £450 million has been collected so far bodes well for the future. If the remaining 60,000 accounts are of a similar nature to the 40,000 who have already come forward, the authorities can expect to bank in the region of £1 billion in back taxes – very useful in the current environment. |
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