Might be a good time to push the envelope
It was supposed to have been a bonanza for the government.
HM Revenue & Customs (HMRC) had offered some 400,000 people holding money in offshore bank accounts the chance to own up to the tax they owe.
But to date, the bid seems to have fallen flat.
Three days before a 22 June deadline, just 25,000 people have come forward to take advantage of the partial amnesty offered by HMRC on offshore accounts less than 7% of those who could.
We will see a lot of tax investigations, hundreds of thousands possibly
That means the Treasury could be missing out on hundreds of millions - if not billions - of pounds in tax.
And offshore account holders could be putting themselves at risk of severe penalties.
"The HMRC has these peoples' names and account numbers. They have been warned by their bank and the HMRC."
"The HMRC is going to be disappointed in this response.
"We will see a lot of tax investigations, hundreds of thousands possibly. The HMRC may have to take on more staff to cope with the workload."
High-profile people - celebrities, for instance - who have money offshore may be amongst the first to feel their collar felt by the taxman, Mr Huston believes.
"Usually, the vast majority of cases are settled without prosecution but the HMRC will want to put a message out there," he says.
Ultimately, this will detract from the service the HMRC gives the public
According to Mike Warburton, senior tax partner at accountancy firm Grant Thornton, the poor response to the amnesty could damage the HMRC's effectiveness.
"The HMRC are going to have to go through with this," he says.
"It will bung up the tax system for years to come.
HM Revenue & Customs (HMRC) had offered some 400,000 people holding money in offshore bank accounts the chance to own up to the tax they owe.
But to date, the bid seems to have fallen flat.
Three days before a 22 June deadline, just 25,000 people have come forward to take advantage of the partial amnesty offered by HMRC on offshore accounts less than 7% of those who could.
We will see a lot of tax investigations, hundreds of thousands possibly
That means the Treasury could be missing out on hundreds of millions - if not billions - of pounds in tax.
And offshore account holders could be putting themselves at risk of severe penalties.
"The HMRC has these peoples' names and account numbers. They have been warned by their bank and the HMRC."
"The HMRC is going to be disappointed in this response.
"We will see a lot of tax investigations, hundreds of thousands possibly. The HMRC may have to take on more staff to cope with the workload."
High-profile people - celebrities, for instance - who have money offshore may be amongst the first to feel their collar felt by the taxman, Mr Huston believes.
"Usually, the vast majority of cases are settled without prosecution but the HMRC will want to put a message out there," he says.
Ultimately, this will detract from the service the HMRC gives the public
According to Mike Warburton, senior tax partner at accountancy firm Grant Thornton, the poor response to the amnesty could damage the HMRC's effectiveness.
"The HMRC are going to have to go through with this," he says.
"It will bung up the tax system for years to come.
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