Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a496880
HMRC crackdown uncovers 500,000 UK residents' offshore accounts
by William Robins on Jun 06, 2011 at 11:15
HM Revenue and Customs (HMRC) has discovered half a million UK residents with offshore bank accounts as part of a crackdown on tax avoidance.
According to Treasury minister David Gauke, HMRC is seeking out money ‘hidden’ offshore. He said time was running out for people with offshore accounts to come forward voluntarily and negotiate a tax payment that could be lower than if they waited for HMRC to take action.
Gauke (pictured) said: ‘The options for hiding money offshore to evade UK tax are narrowing all the time and I would strongly urge anyone who is at all concerned that they may not have been paying the right tax on their offshore investments to talk to HMRC.
'The Government has made £917 million available to HMRC to tackle tax cheats and some of this money is already being very effectively deployed against offshore tax evaders.'
HMRC has run a number of amnesties for those with undisclosed earnings in offshore accounts. The most recent, the Liechtenstein Disclosure Facilities (LDF) began in September 2009 and will run until 31 March 2015. HMRC expects to net £3 billion from the LDF.
News sponsored by:
Today's top headlines
iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.
More about this article:
More from us
- Treasury mandarins rack up £2m credit card bill
- HMRC claws back £70m after targeting IHT valuation errors
by Michelle Abrego on Jun 18, 2013 at 18:29