HM Revenue & Customs is expected to issue details shortly of a partial "amnesty" scheme for offshore investors who have evaded paying tax on their interest, although its appeal could be limited.
According to industry rumours, some banks and accountancy firms have already been contacted with details of a scheme which could see ‘minor offenders’ subjected to capped fines and back taxes. At the moment fines for non-payment of taxes can currently be set at 100% of the unpaid amount, with tax evaders also liable for the back taxes, plus interest, so with many offshore investors likely to be classed as higher-rate taxpayers the partial “amnesty” could be a strong incentive for investors to come forward. The move is seen as being driven by a crackdown on offshore tax evasion by the gove...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
