Tax amnesty on offshore accounts

[tim123]

I find it annoying that once again there is a suspension of the presumption of innocence. Once more the use of "tax cheats" being used to throw a wide net encompassing all.If you have a foreign account you must be doing something dodgy, even if it is by accident.

They can come and investigate me and my 6 offshore accounts. All declared on relevant tax returns. I was not UK tax resident when most of the money went in so that could add to the fun.

This smacks of Gordon lloking for someone elses pocket to raid in order to fill his ever expanding black hole.

I think you are reading too much into this.

The taxman is well aware that there is a large percentage of tax payers with offshore accounts who declare and pay tax on the income, he has no interest in these people. But he is also aware that there is a large percentage who do not (I think 30% is a quoted figure).

Your residence/domicile on the date that the money went in is irrelevent BTW, it's the date that the interest is paid that is pertinent.

And the timing has nothing to do with Gordo. HMIT (as was) have been looking to close this method of avoiding tax since the '80's. It is only the result of a recent court case that enables them to do it now.

tim