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Offshore Disclosure Facility 2007: the 1st Tax Amnesty

Posted on 09/03/2009 Author admin Categories Offshore issues Tags 2007, account, bank, Civil Investigation of Fraud, come clean, coming clean, confession, Guernsey, interest, Isle of Man, Jersey, lynam, new disclosure opportunity, ODF, Offshore Disclosure Facility, swiss, tax, tax amnesty, tax enquiry, taxman, UK

HMRC have announced a 2nd Tax Amnesty for Spring 2009 (The New Disclosure Opportunity). But what was the first Tax Amnesty about?

HM Revenue & Customs had managed to obtain details of approximately 100,000 offshore bank accounts registered to UK residents, with the offshore branches of 5 UK based high street banks, and which had not been declared to HMRC. The taxman came up with the Offshore Disclosure Facility or ODF – to encourage as many people to come forward and confess as possible, for the least cost to the Revenue. HMRC have now got hold of similar information from about 170 offshore banks, with associated businesses in the UK, and also from most European banks under the terms of the EU Savings Directive: and are planning a second Tax Amnesty for Spring 2009 (The New Disclosure Opportunity).  The NDO will work very much like the ODF.

How did the Offshore Disclosure Facility 2007 work?

In April 2007 HMRC quietly announced what many people called the Tax Amnesty. It wasn’t a true amnesty – they didn’t let people off any tax due. It was an incentivised tax evasion disclosure project. It was aimed at people with interest arising from offshore banks accounts, but anyone could use the Facility if they’d underpaid tax. In reward for stepping forward and disclosing historic tax liabilities, taxpayers were guaranteed a 10% penalty, instead of the more typical 35-65% penalties. Anyone who didn’t come forward, or who made an incorrect disclosure was warned that the minimum penalty they would face would be 30%.

There was not a lot of publicity around the ODF. It had a set process and set time limits to take part. It had three stages: notification, disclosure, then either acceptance or investigation. Notification of the intention to disclose had to be made within 10 weeks from the launch of the ODF. Full detailed disclosure plus payment of all liabilities including interest and penalties, had to be made within 7 months. HMRC then had 5 months to accept or investigate. If they accepted the disclosure then a reduced 10% penalty applied.

The ODF covered all taxes dealt with by HMRC, not just interest arising on overseas bank accounts. So, if business profits had been under-declared, and the cash deposited in an undisclosed offshore bank account, then Income Tax or Corporation Tax and VAT due on those profits were within the scope of the ODF, as were any payroll taxes which had not been declared. The Tax Amnesty could be used in cases where individuals had complex offshore structures involving, say, multiple trusts (e.g. Stiftungs) or tax haven companies, foundations etc.

There was a parallel facility, on the same terms, for onshore tax disclosures.

Disclosures had to cover the 20-year time limit, where tax had been evaded that far back.

Taxpayers had to: enter into a formal contract settlement; sign a declaration that the disclosure was correct and complete ; give details of all offshore bank accounts relevant to the disclosure; give details of all offshore bank accounts open at 5th April 2006; and sign a statement of all offshore assets held at 5th April 2006.

Not all foreign income is chargeable to UK tax. Residence and Domicile factors determine whether the income is chargeable in the UK in the first place and whether it is chargeable on an arising or remittance basis.

Results of Offshore Disclosure Facility 2007

  • HMRC received 45,000 disclosures, totalling £400million;
  • Disclosures averaged £9,000 – the largest was £3million;
  • 300 ‘large and complex’ cases worth an estimated £100million were given extra time to complete their disclosures; and
  • The Offshore Disclosure Facility cost HMRC approximately £6million.

In an interview with Accountancy Age at the end of 2007, Dave Hartnett, HMRC’s Chief Inspector said:

  • HMRC expects a number of criminal prosecutions in 2008, targeting individuals who evaded tax using offshore bank accounts, offshore trusts or offshore companies;
  • It will take several years to complete the investigation of tax evasion via offshore bank accounts;
  • A second wave of voluntary disclosures is preferred by HMRC, but it was still deciding what ODF 2 (The New Disclosure Opportunity) would look like. The Chancellor of the Exchequer then announced (in the 2008 Pre Budget Report) that there would be a second Tax Amnesty in Spring 2009.

What happened to the Disclosures?

The disclosures were “risk assessed” and the vast majority accepted. Those selected for review are being subject to an in-depth audit of the work supporting the disclosure and the accuracy of the figures. Any additional tax arising will be subject to a penalty of 30% or more, of the tax bill.

HMRC has been issuing Tax Enquiry letters to individuals it believes have an offshore bank account but did not make a disclosure. Anyone found to have an undisclosed tax liability will get a substantial penalty, of a minimum 30% of the tax owed. Specialist tax fraud investigators from HMRC’s elite Specialist Investigations branch and the Civil Investigation of Fraud (CIF) units are also reviewing information on the larger cases of failure to disclose under the ODF. They will carry out investigations under HMRC’s Code of Practice 9 (cases of Suspected Serious Fraud). The most serious cases will be referred to the Revenue & Customs Prosecution Office (RCPO) for them to consider criminal charges. Some prosecutions have already started.

What if I disclosed under ODF 2007 and am being investigated?

You may need specialist help. HMRC clearly suspect your disclosure was incomplete or incorrect. They could start a criminal investigation. They are likely to subject you and your business to an in-depth and intrusive investigation. It could cost you a lot in tax, very high penalties and disruption to your business and personal life.

What if I’ve got an offshore bank account and didn’t disclose under ODF 2007?

You could be in serious trouble; but you’re not the only one, and you can still improve your position. Especially now HMRC have announced The New Disclosure Opportunity.

HMRC estimate that over 10,000 people who should have disclosed did not do so. That’s one reason they are launching the second Tax Amnesty – The New Disclosure Opportunity – in Spring 2009. Many did not disclose due to lack of publicity. Only customers of some of the original five banks even got warning letters from their banks. Anyone who missed HMRC’s ODF 2007 opportunity risks either: at worse, prosecution or, an intrusive and highly penalised tax enquiry; if they do not disclose now.

The New Disclosure Opportunity will offer another opportunity for reduced penalties, but its terms are will be less attractive than ODF 1 for anyone with accounts at the 1st 5 banks involved. Particularly as the new penalty rules come into force in 2009. We can advise you on how best to take advantage of the The New Disclosure Opportunity – Tax Amnesty 2009.

In any event, it can still be highly beneficial to make a voluntary disclosure of any tax irregularities to HMRC. This can minimise the chances of prosecution and substantially reduce penalties. It allows you to manage the disclosure rather than have Tax Inspectors enquiring intrusively into your business and financial affairs; possibly visiting your bank and business contacts to help with their Tax Enquiry.

Lynam Tax specialists successfully managed a number of ODF 2007 tax investigations. We had a number of cases where no tax was actually due (e.g. because our client was non-resident or non-domiciled in the UK) and have even had a case where we got a client a repayment. We have a vast amount of practical experience in managing general tax disclosures and of dealing with HMRC investigations,  and now The New Disclosure Opportunity – Tax Amnesty 2009. We can advise you on the best course of action and if appropriate, help you manage any necessary disclosures in order to obtain the optimum outcome for you, your business and your family. For sympathetic and confidential help, call Paul or Gemma NOW on: 0845 643 9997

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  • Jail for Tax Fiddling Lawyer
  • Fugitive Tax Fraudster Extradited to UK
  • Manchester Garage Owner Jailed for Tax Evasion
  • Lincolnshire Indian Restauranteurs Jailed
  • Fraud Conviction for Bury Car Dealer
  • Hidden Business Empire Owner Jailed
  • Tax Fiddling Female Construction Boss Jailed
  • 17 Construction Tax Cheats Convicted
  • COP9 Refusenik Accountant Jailed
  • Prison for £1m Bus Operator Tax Fiddler
  • Jail For Tax-Fiddling Mechanic
  • PAYE Fraudster Told: Pay, or Stay in Jail
  • Leicester takeaway owner goes to jail
  • Jail for Software Co. Director Tax Fraudster
  • Contractual Disclosure Facility Refusenik – Nicked!
  • Fugitive Fraudster Found at Footy Match
  • Tax Cheating Top Doctor Faces Jail For Tax Evasion
  • VAT Fiddling Carpet Cleaner Convicted and Canned
  • Tax Dodging Car Dealer Jailed
  • Tax Fiddling Belfast Builder Banged Up
  • PAYE Thieving Nursery Owner Goes To Jail
  • Tax Fraud Conviction for Ex-Taxman
  • ”Ghost” Double-Glazing Salesmen Convicted
  • Jail for Nottingham Loan Shark OAP Tax Fraudster
  • Tax Cheating Doctor Sentenced
  • Decorator’s Book-keeping Wife Found Guilty
  • Tax Dodging Preacher Convicted
  • Hull Fast Food Tax Fiddle Family Found Guilty
  • Leicestershire Ex-Beak On Receiving End Of Jail Sentence
  • Jail for Tax Fiddling Derby Accountant
  • Handyman Tax Ghost Busted
  • Fiddling Notts Beautician Spared Jail
  • Tax Dodging Cop Doc Dodges Jail
  • Ghost Goes To Jail
  • Cheating Lying Lawyer Jailed
  • Belfast Builder Guilty of VAT fraud
  • “Incredibly Dishonest” Derbyshire Publican Walks Free
  • Jail Time for Tyrone Tax Fraud Farmer
  • Fugitive Fraudulent Farmer Found Guilty
  • Jail Holiday for Newport Tax Cheats
  • Prison for VAT fiddling Accountant
  • “Bodging builder” builder banged-up
  • Confiscation Order: Pay Up or Stay in Jail
  • Tax Fraud Sparky Jailed
  • Guilty PR Consultant Avoids Jail
  • Prison for Tax Diddling Cheshire Builder
  • Prison for Tax Fraud Accountant
  • Corby Scaffolder Sentenced in VAT Scam
  • 7 Years Prison for Cornish Tax Fiddling accountant
  • Football Legend Jailed For Tax Evasion
  • Welsh Printer told: Pay £135k – or Go To Jail
  • Midlands Quantity Surveyor Jailed
  • Bankers in Dock for “£2.5m Tax Fraud”
  • Tax Fiddle Farmer Found Guilty
  • Keighley Councillor Convicted of Tax Crime
  • Unhappy Old Year for 700 Tax Criminals Convicted in 2013
  • Sparky Sentenced for Tax Scam
  • Pizza Pair in Prison
  • Scrappy’s Harrods Cash Confiscated
  • Stamp Duty Dodge – Solicitor Sentenced
  • Yorkshire based African Tax Fraudster – Arrested: Scotland; Jailed: Cumbria
  • Essex Property Developer Jailed for Tax Fraud
  • Fugitive Luton Landlord Sentenced In Absence
  • Coventry Accountant Imprisoned for Tax fraud
  • Accountant’s motor racing tax fraud leads to prison
  • Spend, Spend, Spend woman, Gets Jail, Jail, Jail
  • Tax Consultants Charged in £1m Charity Tax Cheat
  • Brummie Brewery man Banged Up for VAT fraud
  • Ho’way to jail for “Mackem” tax fraud scaffolder
  • Film Producer Guilty of Tax Fraud
  • Notts Accountant Jailed for Tax Fraud
  • Clothing Chain Chief Jailed for Tax Evasion
  • Magistrate and Director both jailed for £1m VAT fraud
  • Brummie Tax Advisor Jailed for his own Tax Fraud
  • The law catches up with gambling barrister
  • Tax association’s ex-president jailed for tax fraud
  • Barrister found guilty of tax fraud
  • 32 top tax cheats: jailed, named and shamed
  • Accountant jailed for VAT fiddle and PAYE swindle
  • Yorkshire Surgical Equipment Supplier Jailed for Tax Fraud
  • 2nd ‘Singing Accountant’ jailed for £70m charity tax fraud
  • Chip Shop Tax Cheat
  • Gift Aid Tax Fraud Leads Straight to Jail
  • Christopher Lunn: Latest Letter from HMRC
  • Porn mag man banged up for tax fraud
  • HMRC do an FBI: Posting photos of “Most Wanted” tax fugitives
  • Surrey plumber goes down for tax evasion
  • Football Star’s Agent Guilty of Tax Charge
  • 17 years jail for tax fraudster: 12 Associates go down too
  • £1,000 a night hooker jailed for tax evasion
  • HSBC Switzerland “stolen account details” customer convicted
  • Jail for railway tax evader
  • Tarmac Tax fraudsters Jailed
  • Revenue Raids Double
  • Train Crash Hero Jailed for Tax Evasion
  • Jail for Drive Laying Family: The Tax Fraud Five
  • Hampshire plumber sentenced for tax fraud
  • Antique dealer jailed for £1.6 million tax evasion
  • VAT fraudster jailed after extradition from France
  • IT guy guilty in tax fraud
  • Plumber jailed for tax fraud
  • Payback time for jailed accountant
  • “I will survive!” Not! Ex-taxman taunts with 70’s disco anthem!
  • 3 Swiss Bankers Charged With Aiding Tax Evasion
  • Tax fraud family jailed
  • Internet trader jailed for tax scam
  • Security Boss banged up for tax fraud
  • Harry Redknapp on trial for tax evasion
  • Kent engineer nicked for tax fraud
  • Bogus financial adviser and tax fraudster jailed
  • Five “Ghost” plumbers arrested in tax swoops
  • Hard labour supplied for Labour supplier
  • OAP trousers cash
  • Tax fraud lawyer: Banged up twice!
  • Property Developer Jailed in £25m Tax Fraud
  • Payback time for tax fraudster sisters
  • Tax Prosecution Team merges with CPS
  • Eventful Time for Tax Crimester
  • Jail and Confiscation for Offshore Tax Fraudster
  • Harry Redknapp offshore accounts quizzed by taxman (again)
  • HMRC Offshore Bank Account Prosecution
  • Residence and Domicile
  • Greater Yield from Residence and Domicile Tax Investigations
  • Non-Dom’s Loan Collateral Concession Axed
  • Challenge To Non-Doms’ Remittance Errors
  • Taxman Exports Information
  • Statutory Residence test put on back burner
  • No compassion in Residence Rulings
  • Non-residents limited to ten days’ work in UK
  • Taxman gives ex-pats a week’s notice to return to Libya
  • Non-doms pay average tax of £48k a year
  • Non-dom numbers fall after levy
  • New version of HMRC 6: Guidance on residence, domicile and the remittance basis
  • Gaines-Cooper UK residence saga to Supreme Court
  • Taxman changes tack on IHT domicile enquiries
  • 4,600 Non-Doms pay £30K RBC
  • New Government to turn on non-doms?
  • Dragons Dens tiff over non-dom status
  • New guide to Tax Residence HMRC 6

Latest Posts

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  • Tagging Tax Dodgers: Managing Serious Defaulters 05/03/2021
  • HMRC gets New Financial Institution Notice Power 04/03/2021
  • HMRC Cyber-crime Team Data-Mining Your Bitcoin 22/01/2021
  • Multi-Million R&D Tax Fraud: Six Suspects Arrested 28/12/2020
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