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Crashman Begins

Hm Revenue & Customs Wants To Claw Back Millions Of Pounds From Offshore Accounts.

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http://money.uk.msn.com/tax/articles/artic...umentid=5300377

Close the unfair offshore tax loophole now:

June 20 2007

Snippit :

There was initial resistance from the big banks, but last year the taxman forced Barclays to disclose details of its offshore customers. The other big banks were also hit by disclosure orders after they failed to cough up the information voluntarily. Smaller banks and building societies have now fallen into line. There are also unconfirmed reports that tax officials have demanded that credit card companies disclose details of customers with offshore accounts.

The probe has uncovered City bonuses, inheritance windfalls and foreign holiday homes hidden in tax havens. The names of hundreds of high-profile celebrities and businessmen are rumoured to be among those implicated. A similar investigation in Ireland five years ago destroyed the reputations of a number of politicians and businessmen – and brought in £580 million in unpaid taxes. Dave Hartnett, director general of HM Revenue & Customs, calculates that the clampdown in the UK could net a cool £1 billion, although some accountants believe the figure could run to £5 billion.

If you make a full disclosure of your offshore income and gains by June 22, you will pay a penalty of just 10% of the tax you owe, instead of a penalty of up to 100%. And if the tax owed is less than £2,500, there is no penalty, although all taxpayers will have to pay interest due on back tax.

If you miss the deadline, it gets serious. HM Revenue & Customs will then sift through the details of 400,000 accounts held with offshore branches of EU and UK banks. Anyone who has not paid their taxes will face a fine of up to 100% of the money and the prospect of criminal prosecution. Hartnett said: “Honest citizens have absolutely nothing to fear, but those that should have made a disclosure but haven’t, we will investigate. Quite often judges take the view that tax fraud is a crime against society. When there are decent sums of money involved you go to prison. Sad but true.”

Not sure how big this news is ... is but figures are mahooossive.

Im sure this will put further strain on foreign property investors / normal peoples savings etc ?

Can you clever guys break it down.

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