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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.”

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Comments

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.

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