View more on these topics

HMRC tipped to unveil tougher fines for tax dodgers

HM Revenue & Customs is tipped to unveil harsher fines for tax dodgers next month in a bid to get more people to participate in its amnesty on secret offshore accounts.

HMRC last week extended the deadline for its tax amnesty from November 30 to January 4 in an attempt to boost take up of the “new disclosure opportunity”.

The initiative allows tax evaders to benefit from reduced penalties if they own up to secret accounts.

The 2007 disclosure opportunity cost the Revenue £6m to roll out and raised around £400m in back taxes and interest. 

Speculation has been mounting that the pre-Budget report could include tougher new penalties to prevent tax evasion in the future.


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. Its about time that HMRC put more resources into hunting those who operate under the radar and less into those who pay their tax.

  2. When you have a government that is so inefficeint that it has to tax some people 50% of what they earn (plus NI, VAT, IHT) you can expect people to try everything possible to mitigate their tax liability, or leave the country. What is needed is more efficient government and a less officious HMRC.

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