Tax Amnesty Articles

During the last tax amnesty HMRC were reported to have received information relating to approximately 100,000 people from 5 banks (RBS, HBOS, HSBC, Barclays and Lloyds). The tax amnesty (offshore disclosure initiative) resulted in over 40,000 people making disclosures and a reported yield from the tax amnesty of £400 million. HMRC still have this information…

HMRC have offered a partial tax amnesty relating to offshore assets and income so what are the likely consequences if you choose not to disclose any tax evasion? Although a number of people are expected to take advantage of the offshore disclosure tax amnesty and the offer to treat people who have committed tax evasion…

Although HMRC as part of their offshore disclosure literature encourage people to seek professional advice what are the advantages to this? An expert tax investigation adviser can help you approach the disclosure under the offshore disclosure tax amnesty in a professional and compliant manner. They can look at all aspects of the tax disclosure (including…

What if you want to make a disclosure of tax fraud but do not have any offshore assets? The practical difficulties that may be faced when taking part in the tax amnesty (offshore disclosure) are numerous. The offshore disclosure scheme (tax amnesty) makes it clear that it does not cover individuals of businesses who do…

What are some of the practical difficulties of the tax amnesty (or Offshore Disclosure Facility)? The practical difficulties that may be faced when taking part in the tax amnesty (offshore disclosure) are numerous. Timing The first hurdles are the deadlines for registering under the tax amnesty (22 June 2007) and with meeting the deadline for…

The tax amnesty (or Offshore Disclosure Facility) has been announced. So what are the key points? At long last HMRC have published detail of the long awaited tax amnesty. So what are the major points to be considered? The first matter is one of disclosure of the tax issues under the tax amnesty to HMRC….

If you have not declared your offshore account to HMRC what information do they have from the banks? As has been widely speculated HMRC will offer a tax amnesty and have set up a telephone line to specifically deal with this. It has also been widely publicised that HMRC have been successful in getting information…

If you have an offshore bank account and have not declared this income to HMRC the opportunity to disclose the tax evasion should arrive soon. There has been much speculation recently about the reported tax amnesty. It appears that HMRC do not wish to call this a tax amnesty and will instead opt for either…

If you have committed tax fraud or used an offshore bank account HMRC could be offering a tax amnesty soon. Recent Developments on Information Gathering by HMRC It is a well published fact that HMRC won a significant victory against a financial institution, reported to be Barclays, in February 2006 which has provided them with…

In an earlier article the author speculated whether he believed that HMRC would offer a tax amnesty in the near future. The answer to this was yes. So what are the possible implications of a tax amnesty? Although there has been no publicised consultation process relating to the speculated tax amnesty it is believed that…