Revenue extends offshore tax amnesty deadline

Discussion in 'The Intelligence Cell' started by heard_it_all_before, Nov 27, 2009.

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  1. "Come on Lads, someone must have one? You know you'll only make things worse by not Owning Up.."

    :D :D

    Revenue extends offshore tax amnesty deadline

    By Lucy Warwick-Ching

    Published: November 27 2009 12:14 | Last updated: November 27 2009 12:14

    HM Revenue & Customs (HMRC) is extending the deadline for its tax amnesty for offshore savers in a last-minute push by the tax authority to draw attention to its ”last chance” amnesty for evaders.

    In a statement put out on Friday the Revenue said that individuals now have until 4 January 2010 to tell it about any undeclared offshore accounts before its new disclosure opportunity (NDO) ends.

    Under the terms of the amnesty, which was due to run out at the end of the month, those who declare that they have savings or other income from overseas, for example from renting out property, will pay all the tax they owe plus a 10 per cent penalty. Those who fail to come forward face penalties of up to 100 per cent of the tax they owe and could face prosecution.

    The Revenue is expected to make good use of the next five weeks by writing to more individuals holding offshore accounts. To date it has only written directly to around 35,000 offshore account holders.

    “Most of the banks that HMRC has approached for account holder details have yet to supply them - there could be another 150,000 individuals for HMRC to contact,” said John Cassidy, tax investigations and dispute resolution partner at PKF Accountants and business advisers.

    “This is vital because, from my experience, only a personal letter from HMRC really motivates people to come clean on tax inequalities. The more people they can write to before 4 January, the more money the amnesty will collect.”

    Dave Hartnett, HMRC’s permanent secretary for tax, said the revenue was taking a pragmatic approach to the amnesty. “We know that some bank customers will not be contacted by their banks in good time for the original deadline of 30 November so in the interest of fairness we have decided to extend our deadline by a month.”

    However, the slow take up of the NDO will be a blow to the Government, which had hoped to boost its finances with the tax take. It also follows on from last week’s news that there has also been a low take-up of the tax amnesty with Liechtenstein, which began in September. Just 27 people have taken advantage of that deal in its first two months.

    Paul Robert, head of tax investigations at Grant Thornton, said: “HMRC is certainly hardening their approach to offshore bank accounts and in next month’s Pre-Budget report we are likely to see additional new measures. We are also likely to witness a number of high-profile criminal prosecutions in due course in order to act as a deterrent to those tryign to avoid paying the correct amount of tax.”

    The NDO is the second such amnesty that has been offered in the UK by the taxman, but HMRC says that it will be the last. The initial disclosure regime, which closed in 2007, raised £400m for the Treasury coffers after 45,000 savers came forward.
  2. HMRC should FO. Any money kept out of the UK should be none of their business. Typical government bastards wanting to steal other people's money.

    This is nothing more than HMRC helping themselfs to money that is none of their business. If they money is not in the UK it should not be for the UK Government to steal it.
  3. How kind. Nothing to do with the 13 banks proceeding through to courts to strike down this self serving shite then?
  4. Oh what a relief........
  5. TheIronDuke

    TheIronDuke LE Book Reviewer

    Anybody want to point out to Paul Robert of Grant Thornton that 'tryign' is not a word recognised outside of the Starship Enterprise? Or ask him who cooked up the post-budget Swiss Gold Tax Scam about 10 years ago when HMRC took their eyes off of their knitting for a moment? Wouldnt be Grant Thornton would it? Maybe ask him how representing the interest of Robert Maxwell panned out?

    And while I'm on, where precisely did HMRC get the Liechtenstein list? Wouldnt have bought it for an alleged £100k off of a criminal hacker?


    Own up chaps. These are the guys in the white hats, no error.
  6. So if you've bought a house abroad, pay the tax & NI to the country its in, UK wants a piece of the pie ?

    they can F the Right OFF
  7. TheIronDuke

    TheIronDuke LE Book Reviewer

    Aw, thats a bit harsh. They only take around 87p out of every pound we earn through income tax, purchase tax, VAT, car tax, import tax and a tax on taxes.

    Unless you are this guy.


    Stargate Holdings, one of his firms, is registered in Belize, that well known transparent place. It punts cash to Brit registered Bearwood Corporate Services. Which punts it on to the Tory party.

    The four eyed weirdo in the picture has punted over £3m to the Tories. Yet is not registered on any electoral roll, and says he regards his tax affairs as 'private'.

    You have to wonder why anybody would have anything to do with Belize, unless it was swamp training or drug smuggling. Or avoiding UK taxes.

    Nah, best we little people just pay up for anything we have grafted for that happens to be overseas, eh?
  8. Good luck to him. I agree with him. He tax affairs are private.

    If the scum in charge of the UK stopped trying to steal every penny it can at all times it might help.

    If the scum in charge of the UK stopped wasting the vast amounts of money they steal from the "little people" it might help.

    So yes the Government can FO. they do not deserve the money that people have to work hard for.

    Personally I support anyone who manages to keep money away from the thieving bast'ds who are employed by HMRC to extract the maximum they can from people.
  9. Ord_Sgt

    Ord_Sgt RIP

    I've got a ton of cash offshore, why would I in any way wan't to offer it up to pay for chavs and lazy fcukers. Earn your own money, you're not having mine.
  10. TheIronDuke

    TheIronDuke LE Book Reviewer

    Yeah, I hear what you are saying. God help us all if some geezer from Belize worth £1.1 billion is bunging millions to the next scum in charge. While copping for a Peerage and paying er, sod-all in UK taxes.

    Lets hear it for the little people, eh?
  11. msr

    msr LE

    And all the Eurocrats on tax free salaries...
  12. Yes well all of this is why I live overseas. I got hacked off with paying 40% tax and getting precious little in return. The tax on insurance was a final straw for me. I paid my Nat Ins up though as I see that as good value for money. The bastards still tax my army pension of course, maybe I should send an email to my accountant about that. I remember a year or so before leaving the army, I took an advance against my gratuity for a deposit to buy a house. The tax twots taxed it as "unearned income". I think I paid enough tax over the years, now I have donor fatigue!
  13. I have some Jersey accounts left over from expat days. Jersey and the other Channel Islands have already been bullied into (a) handing over account details to HMRC, and (b) witholding high-rate UK income tax from and interest on the accounts.

    The way they are tightening the domicile definitions even further will presumably mean that many expats Brits will finally be forced to give up their UK citizenship and fully "emigrate" to a more flexible regime.

    I wonder if it will soon come to the point where UK subjects will soon have to pay UK tax even if they are non-resident and non-domiciled, as US citizens have to?
  14. Could it be they got it off their mates in Germany. A DVD with lots of names and details was "made available" to the German financial authorities. Caused lots of work for the German tax man and lots of ring twitching amongst the population.

    Note to Tiger Monkey, the key to tax liability is residential status, put simply where you live determines where you pay tax. There are lots of Brits and Germans who have bank accounts in other countries that they don't want anyone else to know about, for the simple reason that regardless of where the money is, they owe tax in this case to either the German or Brit tax man.
  15. So for clarity, if I own a chalet in Austria pay austrian taxes on the property and income generated through my property, but live in the UK then I will have to pay tax on earnings in the UK as well? Only asking because I am thinking about buying property down there.