View more on these topics

Exposed 500,000 face big offshore tax penalties

HM Revenue & Customs says it has uncovered 500,000 people with money in offshore tax havens who could face severe financial penalties if they have used them to evade tax.

The Revenue is using enforced data-sharing with banks, information from whistleblowers and a new IT system which looks at anomalies between where people live, their financial assets and how much tax they pay to flag up potential tax dodgers.

It says it is confident it will raise billions of pounds in unpaid tax, interest and penalties. An HMRC spokesman says: “We are not out to victimise people but we are determined to ensure we receive what we are owed. This is not just about the very wealthy, we have found chip shop owners, taxi drivers and landladies with offshore accounts.”

Last month, HMRC launched a consultation on plans to blacklist high-risk tax avoidance schemes and force users to tell HMRC that they are in a listed scheme.
:

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com