HM Revenue & Customs (HMRC) has unveiled an advertising campaign
HM Revenue & Customs (HMRC) has unveiled an advertising campaign tackling tax evaders who hold money in offshore accounts.
Launched by Chancellor George Osborne, the newspaper and magazine campaign will highlight the penalties for tax evasion. Evaders face fines of 200 per cent of the tax owed and the possibility of criminal prosecution and imprisonment.
Mr Osborne announced the campaign after a meeting of G20 finance ministers In which they agreed new standards on sharing international tax information.
Mr 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."
Nigel Holland said:
“It is important that any Halton residents who may have failed to notify HMRC of offshore bank accounts and income which should appear on their self assessment forms should do so immediately. The penalties for not doing this are substantial and there is a very good chance that HMRC will identify this income even if the tax payer tries to hide it. My advice is that it will be a lot better for the taxpayer if they disclose the income rather than let HMRC find it during an investigation.
My firm is currently offering a service for tax payers who have failed to disclose their full income whereby we contact HMRC with a view to making a full disclosure and minimizing penalties and interest which may become due.”
Jennie Granger, director general for enforcement and compliance at HMRC, said:
"If you have assets offshore you need to get in touch with us urgently, because we will catch up with you. That can mean a fine of 200 per cent of the tax that you owe, and the possibility of criminal prosecution and a prison sentence.
"The days of hiding money in another country to cheat the UK are coming to an end."
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