Revenue actively pursue offshore bank accounts

Around 5000 UK taxpayers come under scrutiny

Around 5,000 UK taxpayers believed to hold offshore bank accounts are being written to by Revenue and Customs requesting them to pay the unpaid tax they owe.

This follows the Revenue’s so-called ‘amnesty’ last year, when the agency gave holders of offshore bank accounts the chance to disclose hidden money in exchange for a flat rate penalty of 10 per cent of underpaid taxes and payment of all back taxes with interest.

The Revenue are now actively pursuing a group of 5,000 people who it suspects have still not owned up to holding offshore accounts and they will all have received letters by 4 April. Those individuals with offshore accounts who do not cooperate could face prosecution for tax evasion.

Prior to the June deadline last year over 60,000 people notified the Revenue over their offshore accounts.

Levels and bases of, and reliefs from, taxation are subject to change.

esmarttax
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