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Offshore account holders are the latest HMRC targets.

As G20 ministers welcome a new global standard to automatic tax information exchange and call on the governments of financial centres to sign up to new international tax information sharing agreements, the Chancellor of the Exchequer George Osborne has launched a new campaign targeting taxpayers with money hidden in offshore accounts.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The UK has already entered into new information-sharing agreements with the Crown Dependencies and Overseas Territories which will provide HM Revenue & Customs (HMRC) with access to more data than ever before on offshore accounts held by UK taxpayers. They also made an agreement last year with France, Germany, Italy and Spain, and will now move quickly to implement the new global standard on a multilateral basis.”

Any taxpayer who has declared all of their income has nothing to fear, but anyone who fails to do so will have to pay the tax itself as well as penalties of up to twice that sum, and could face imprisonment. The new HMRC campaign started in national newspapers and weekly magazines on Monday 24 February 2014.

Chancellor of the Exchequer, George Osborne said:
“The UK government is on the side of the hardworking majority of people and companies who pay the tax they owe. By taking global action to reform the system alongside a tough approach to enforcing the law at home, we will close the net on those who think they do not have to play by the rules.”

If you have any questions or concerns about Tax Planning and its implications, contact ABDS Tax team.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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