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View the article online at http://citywire.co.uk/wealth-manager/article/a661144

HMRC warns wealthy professionals over tax dodging

on Feb 25, 2013 at 08:09

Wealthy professionals are being warned by HM Revenue and Customs (HMRC) that if they try to dodge their taxes they will be found out and punished.

According to the Times, the head of criminal investigations at HMRC spearheaded the warning and told professionals 'you will be caught and dealt with' if found avoiding all or part of a tax bill.

It follows the jailing of a barrister over tax avoidance and an agreement struck by HMRC last week with the Isle of Man to bring more tax dodgers to task.

Under the UK's version of Fatca, HMRC has agreed individuals in arrear with their taxes can come forward, speak to the tax man about what they owe and potentially face a penalty of between 10% and 20%.

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