View more on these topics

PwC estimates 13,000 admit to unpaid tax offshore

Around 13,000 UK residents are thought to have admitted to undeclared tax  in their offshore accounts under the latest amnesty. 

The deadline for HM Revenue & Custom’s New Disclosure Opportunity expired at midnight on January 4.  

HMRC has not disclosed the latest figures but PricewaterhouseCoopers estimates that approximately 13,000 individuals took the opportunity to register.

Tax partner Stephen Camm says: “In 2007 around 40,000 people registered under the Offshore Disclosure Facility and HMRC raised approximately £400m.  We predict that around a third of that number have come forward this time under the New Disclosure Opportunity and that HMRC is likely to collect around £135m.”


Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more


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. Incompetent Regulators Awards Team 6th January 2010 at 12:08 pm

    What fools to believe the gvt. this is a ploy to nail and investigate those by HMRC. I know because it’s happened to someone I know. You can’t trust this gvt or the tax office.

  2. The law of diminishing returns in action. I’m sure that HMRC will be delighted – the fines for those who didn’t come forward are likely to be huge.

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