View more on these topics

Last call for tax amnesty

Friday deadline looms but only 8,000 offshore account holders have so far come forward to declare unpaid tax.

Offshore investors are being urged to take up the Revenue’s tax amnesty by the June 22 deadline, with only 8,000 coming forward so far.

Accountholders who fail to notify HM Revenue & Customs of unpaid tax by this Friday could face investigation and a penalty of up to 100 per cent of the outstanding tax.

HMRC wrote to 200,000 individuals about the tax amnesty after receiving details of offshore accounts from major UK banks under EU legislation.

Those who declare unpaid tax will be spared a full investigation but must pay a penalty of 10 per cent, along with tax and interest due, by November 26.

Grant Thornton tax investigations partner Paul Roberts has concerns over how few people have come forward and believes the initiative will be their last chance.

He says: “There have been a host of crackdowns and proposals in the past months which point toward an increasingly tougher stance on unpaid tax being taken by the taxman.

“It is vitally important that people take advantage because the penalties for those that get caught after the amnesty ends, even if they believe themselves to be innocent, will be severe.”

HMRC will launch its clampdown on undisclosed tax liabilities on July 9.

Chiltern head of tax investigations Steve Besford says: “If additional tax is found to be due as a result of these enquiries, HMRC will seek considerably higher penalties than the 10 per cent on offer under the amnesty and may even launch criminal investigations.”

Recommended

On the money

I think I was always destined for a life working in financial services. After all, coming from a background where both my parents had given years of dedicated service to those two monoliths of Scottish finance Standard Life and RBS meant there was little doubt that I would follow in their footsteps, especially when they could get me a foot in the door when it came to picking up temping jobs in the summertime when I was a student.

Channel challenge may find advisers out of their depth

With the FSA’s initial thoughts on the retail distribution review only a week away from publication, there are already indications that it is likely to affect what products can be sold through what channels. Funds that utilise Ucits III powers, such as vehicles that use derivatives to a high degree, may get caught up in […]

Regulator is right not to increase ombudsman limit

Having been closely involved with two of the cases referred to in Adam Samuels’ article headlined, Power Failure at FOS, (Money Marketing, June 14), I do take issue with the main thrust of the article, namely that the FSA looks foolish in declining to raise the ombudsman’s jurisdiction limit. In my opinion, the FSA looks […]

Selestia Investment Solutions goes live July 30

Skandia’s new fund platform Selestia Investment Solutions will launch on July 30 with a range of e-business services and investment tools and over 900 funds available. The tools will include a fact-find, portfolio construction, online application and portfolio reviews and data will be pre-populated throughout the system requiring only one set of keying in. It […]

Finding value in UK equities

By Mark Martin, Investment Director & Head of UK Equities Register for a live update on 9 July at 14.30 with Mark Martin, who will be discussing Chancellor George Osborne’s ‘emergency’ summer budget, the UK equity landscape post May’s General Election and his outlook for the second half of 2015. Mark will also highlight the […]

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