HMRC warns offshore crackdown will "end up in tears"
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A senior HMRC tax inspector has issued a stark warning to investors holding their money offshore who fail to voluntarily disclose their holdings for tax purposes.
In an interview with the Daily Telegraph, HMRC second permanent secretary Dave Hartnett said that customers who fail to meet an end of the month deadline for voluntarily disclosing details of offshore holdings might face prosecution.
Speaking to the Telegraph, Hartnett said: “My hunch, it is only a hunch, is that a disproportionately large number of your readers will be relatively wealthy, will have hidden some money offshore, and some of them are going to end up in tears because they are just not going to have thought we would be as tough as we’re going to be.”
Hartnett’s comments come after the HMRC pushes forward with its plans to uncover the full extent of untaxed wealth held by Britons in offshore accounts.
Hartnett has deployed a 20-strong team of inspectors to examine details of foreign accounts provided by the banks where customers have failed to disclose details, or where HMRC suspects hidden offshore assets.
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Readers' comments (2)
A Political | 17 Nov 2009 9:51 am
Will any politicians be hurt in the making of this movie?
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Steve Laird | 17 Nov 2009 10:02 am
There have been plenty of warnings in the press about this.
I have zero sympathy for anyone who doesn't come forward.
T-13 and counting!
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