HMRC: Offshore Amnesty Success
Published / Last Updated on 21/12/2007
Claims
Her Majesty’s Revenue and Customs HMRC has revealed it has raised £400m through its campaign to tax money held abroad. About 45,000 offshore customers have paid up with HMRC before the 26 November deadline, which is below the 64,000 who registered a potential liability.
Those customers who paid by 26 November benefited from a partial amnesty, which HMRC had capped any penalty at 10 per cent of the unpaid tax. HMRC can impose fines of between 30 per cent and 100 per cent of the tax due. HMRC has given more than 300 people with large or complex affairs extra time to pay.
Our view
Based upon those numbers, we suggest the campaign has not been a success. If this were the case, why is HMRC offering an extension for more to come forward.
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