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

[tim123]

Anyone with offshore funds would be a fool to fall for that one. Once you've made a payment, what's to stop the taxman from demanding extra retrospectively? Tax collectors have a blackmailer's psychology - give them some money and they'll push you all the harder for more!

I think not. Tax amnesties have been honoured in the past, offering one and not honouring it would be foolish, IMHO

tim

[tim123]

Not much sign of this piece of news after seeing it last night on ITV's news at 10.30.

Was I just dreaming it or are we being asked to voluntarilly give up 10% of what we have in offshore savings/investment accounts before a certain date? After which a much larger chunk will be taken, assuming the tax man knows where to look and collars you.

Sorry if it's old news and ITN were just a bit slow on reporting it.

No, you're being asked to give up an extra 10% of the tax that you should have paid on offshore earnings, but didn't pay, in return for not being prosecuted.

If you don't owe any tax on your offshore earnings, then you can do nothing.

If you do owe tax, but think that you won't get caught, you can do nothing and risk the prosecution.

tim

[The Lone Gunman]

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.

[Captain Dispensable]

Extract from the FT report:

"It needs large numbers of people to come forward voluntarily to save its investigations teams from being overwhelmed by the large volume of data generated by the disclosure orders against the high street banks."


Sounds similar to IR35. Try to scare people into volunteering when there's a chance they won't have the resource or ability to find the culprits on their own. Those who come forward can expect full scrutiny whereas the rest will hope to be overlooked.

Thankfully I'm not affected. Wouldn't know whether to invite the taxman to dinner (hoping he won't leave with the house), or put my head in the sand.

Can they still get you if you've emigrated abroad to wherever your stash is (assuming investments in property abroad will also be taxable) by the time they put a pin in your tail?

[ratewhore]

Anyone who thinks they are saving their pennies away from the taxmans eye in a EU country is seriously misguided. You need to be sheltering it in places like Dubai...

[OwlHoot]

Not much sign of this piece of news after seeing it last night on ITV's news at 10.30.

Was I just dreaming it or are we being asked to voluntarilly give up 10% of what we have in offshore savings/investment accounts before a certain date? After which a much larger chunk will be taken, assuming the tax man knows where to look and collars you.

Sorry if it's old news and ITN were just a bit slow on reporting it.

Anyone with offshore funds would be a fool to fall for that one. Once you've made a payment, what's to stop the taxman from demanding extra retrospectively? Tax collectors have a blackmailer's psychology - give them some money and they'll push you all the harder for more!

[Clippy]

Details of the original ruling can be found here:

http://news.bbc.co.uk/1/hi/business/4761851.stm

Out of interest, anyone affected by this?

[andy]

time to declare my hidden millions in a swiss bank

[Sysman]

Not a generous amnesty

Not much sign of this piece of news after seeing it last night on ITV's news at 10.30.

http://www.ft.com/cms/s/f77d580e-ec5...b5df10621.html

[Captain Dispensable]

Not much sign of this piece of news after seeing it last night on ITV's news at 10.30.

Was I just dreaming it or are we being asked to voluntarilly give up 10% of what we have in offshore savings/investment accounts before a certain date? After which a much larger chunk will be taken, assuming the tax man knows where to look and collars you.

Sorry if it's old news and ITN were just a bit slow on reporting it.