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Timms blasts offshore tax evasion as “morally unacceptable”

Treasury Minister Stephen Timms has blasted offshore tax evasion as morally unacceptable.

Timms’ outburst comes as HM Revenue and Customs announced that 10,000 people had notified their intention to disclose previously undeclared offshore income and gains under the new disclosure opportunity.

Timms says: “Hiding money in offshore accounts to evade tax is economically and morally unacceptable. It robs public services of funding and places an unfair burden on the honest majority of taxpayers.

“Some people will still be tempted, and that is why the Government will bring forward measures during 2010 to build on the significant progress made both in the UK and globally during 2009 in closing down offshore tax evasion for good.”

HMRC permanent secretary for tax Dave Hartnett says: “HMRC is beginning the job of using the data we have obtained from banks to identify people who have not made disclosures despite having hidden their money offshore.”

Hartnett says the HMRC is also examining information about offshore accounts in order to help it identify intermediaries who have assisted UK residents in hiding money offshore.

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Comments

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

  1. An MP urging honesty! Whatever next?

  2. I invest offshore so I can afford a nice house for my ducks.

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