Tax Man going to be busy!

[Moscow Mule]

I think I read somewhere (probably the Sun) that Luxembourg and Switzerland had to agree to either give the tax man this information or levy a flat-rate 15% tax, probably just on the interest.

EWT

[ratewhore]

I think it's just the EU that they can trace, excluding Luxembourg and Switzerland who have quite stringent rules about disclosure.

Chap next to me had a letter about his account in Jersey. Others with Cayman/Swiss accounts have had nothing.

I think I read somewhere (probably the Sun) that Luxembourg and Switzerland had to agree to either give the tax man this information or levy a flat-rate 15% tax, probably just on the interest.

[scooterscot]

So Hong Kong is safe? har har...

[Moscow Mule]

Not that I have an offshore bank account, but, is this amnesty for any UK resident who has an offshore account anywhere in the world, or just for those who's off-shoring arrangements fall within the jurisdiction of the EU/Switzerland/dependent territories?

I think it's just the EU that they can trace, excluding Luxembourg and Switzerland who have quite stringent rules about disclosure.

Chap next to me had a letter about his account in Jersey. Others with Cayman/Swiss accounts have had nothing.

[ratewhore]

Not that I have an offshore bank account, but, is this amnesty for any UK resident who has an offshore account anywhere in the world, or just for those who's off-shoring arrangements fall within the jurisdiction of the EU/Switzerland/dependent territories?

[scooterscot]

I have a similar issue with a hong kong bank account, but so little cash it's not worth their time chasing, is it?

[andy]

I have not declared £10 interest on my offshore account
should I be worried ?

[thunderlizard]

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.

yes that's what they want you to think. For every celebrity there will be 1000 little work permit people getting dragged through the coals for the sake of five hundred quid back home in Spain.

[threaded]

I'm sure taking on the extra staff will make this task go so much easier for the Inland Revenue...

So, they'll go out to the dole queue, grab a few Rochdale Swamp Donkeys and set them investigating some random celebrities finances.

I feel some kind of reality show in the making.

And then the court cases to follow will be an utter farce and make for a fun read in the tabloids.

[n5gooner]

and I've just got my tax return to worry about!

[SallyAnne]

[Zippy]

Oh dear

[bobhope]

wouldn't worry. Whenever I've dealt with HMRC, they've fouled it up about a 1/4 the time.

[Troll]

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.