View more on these topics

HMRC sends out 200,000 warning letters over unpaid offshore taxes

HM Revenue & Customs is sending out 200,000 warning letters to people over unpaid taxes in their offshore accounts.

The letter highlights the current partial amnesty being offered by HMRC to those that have unpaid taxes owing.

This ends on June 22 after which time they could face large fines or criminal prosecution. A copy of the letter, which HMRC is sending out tomorrow, can be found here.

Only around 8,000 people have taken advantage of the amnesty. Under the terms of this arrangement people have to pay all tax and interest owing along with a 10 per cent fine.

After the June 22 deadline a HMRC spokesman says it will begin investigations which will potentially lead to 100 per cent fines and possible criminal prosecution.

The letter says: “After June 22, HMRC will begin to investigate individuals with offshore bank accounts who appear to have tax to pay but have not notified us that they want to make a disclosure, and the penalties will be much higher than under the disclosure arrangements.”


New Star identifies optimum property holding

New Star have revealed that 87 per cent of IFAs think clients with moderate risk profiles should consider holding at least 5 per cent in direct commercial property. It says 40 per cent of respondents recommend a holding of more than 10 per cent and noone recommended 0 per cent weighting in international direct commercial […]

All pension eyes on Westminster

The world of pensions tried its best to take over Westminster village this week with a number of interesting developments that could have massive implications for the industry.

Shoes shine

I thought this would be an opportune time to write about an American fund. The market has had a very good couple of months as measured by the Dow Jones index.Recently, however, it seems to have hit an air pocket. This has got much to do with rising bond yields and the fact that equity […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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