The taxman is encouraging people with undeclared tax liabilities to step forward by offering tax amnesties. However, only 2,000 have come forward so far.
The taxman gave an opportunity to disclose undeclared income for more than 28,000 doctors and dentists in its Tax Health Plan. The Liechtenstein Disclosure Facility aims to encourage people with undeclared offshore bank accounts to come forward. Under the Tax Health Plan Tax Amnesty, 1,500 confessed, producing £9m of undeclared tax. The LDF is aimed at UK taxpayers with offshore bank accounts. But so far only 419 individuals have registered to use the LDF.
However, from September Liechtenstein banks, financial advisers, trustees and other wealth managers will have three months to notify any of their clients who they suspect of having undeclared tax income that they must disclose it.
According to Accountancy Age, “HMRC issued a stark ultimatum”: “We’re only 50 yards into a marathon. Those who don’t come forward will face naming and shaming and in the most extreme cases will be prosecuted. We always win in the end.”
Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesty.
*For a free, private, no obligation consultation, don’t delay, call Paul Lynam today: on 0845 643 9997