Offshore tax deadline proves a busy time
HM Revenue and Customs has revealed there has been a last-minute rush from UK taxpayers who hold funds in offshore bank accounts which have not been declared to the Revenue. Those with undeclared bank accounts overseas had until 17:00 hours GMT to come forward and confirm that they were willing to cover any unpaid tax bills. The Revenue believes the campaign will bring in over £500 million from funds linked to over 300 UK and foreign banks.
A number of partnership arrangements with offshore banking havens have significantly reduced the number of areas in the world where funds can be deposited without the knowledge of the tax authorities. Due to a mixture of co-operation and arm twisting by the UK authorities places such as Luxembourg, a former banking tax haven, have been forced open up their books and reveal the full extent of UK citizens holding undeclared funds.
It is known that the UK government has a list of thousands of UK taxpayers who have yet to step forward but is offering them the opportunity to backdate their tax liabilities rather than face penalties of up to 100%. Many had considered trying to ride out this latest crackdown on overseas bank accounts but over the festive period it seems that many have since changed their mind.
Share this..
Related stories
Investors shun Isas
The traditional rush during March to take advantage of the tax-free allowance offered by Individual Savings Accounts (Isas) did not materialise this year, new data shows.Figures from the Investment Management Association reveal that in the period between March 1st and April 5th just £532 million worth of the savings accounts were sold. This is nearly half the figure of £957 million recorded last...
Read MoreUK savers set to feel the pain as interest rates fall
As speculation that UK interest rates are set to fall this week continues to build there are growing concerns in the UK savers market where rates have come down substantially over the last few weeks. These are very much the forgotten group of society, the ones who have made plans for the future, saved their funds for a rainy day and had hoped to live off their interest. However, as interest rates...
Read MoreChildren 'an increasing financial burden'
Parents have been advised to invest in a child trust fund (CTF) as children are becoming more of a financial burden.Almost three quarters (73 per cent) of 11- and 15-year-olds in the UK expect their parents to help fund their time at university, CTF provider Children's Mutual has revealed.What's more, 60 per cent of the same group believe their parents will help them buy their first house.David Wh...
Read MoreUK savers to receive text when introductory rates end
24/07/2015 Savers will receive a text message from their bank or building society when their introductory interest rate expires, under new plans by the Financial Conduct Authority (FCA). Many savers are enticed by introductory ‘teaser’ rates by banks and building societies, however, after a limited time these rates often switch the customer onto a poorer deal. The FCA has said that sa...
Read MoreMervyn King downbeat on UK savings rates
Today's report by the Bank of England covered a multitude of different subjects offering advice and forecasts for each and every part of the UK economy. While we have covered many of the headline grabbing statements in some of our earlier articles, there was bad news for UK savers today with confirmation that savings rates continue to fall and are likely to remain at record lows for some time....
Read More