Alpine tax haven gets 'easy ride' from HMRC anti-avoidance team
Sunday 16 August 2009
HM Revenue & Customs is giving preferential treatment to Britons who have sheltered money offshore in Liechtenstein to avoid paying tax, a leading accountancy firm has said.
PKF accountants said it was alarmed at how Britons who had deposited money with Liechtenstein banks would face only a 10 per cent fine on unpaid tax and have to declare unpaid tax going back 10 years while other Britons with money offshore could face fines as high as 20 per cent on unpaid taxes back 20 years.
"It is wholly unfair that there are different rules for those with investments in Liechtenstein and those with investments in other offshore jurisdictions," said John Cassidy, the head of tax investigations at PKF. People with money in Liechtenstein are being asked to come forward and pay unpaid tax in exchange for a cap on fines.
An HMRC spokesman denied that it was treating one group of tax avoiders better than another. "HMRC is committed to a fair and level playing field for all taxpayers. The Liechtenstein arrangement is about making sure that everyone pays their taxes, both by clearing up the past and getting things right in the future."
HMRC has stepped up its fight to track down the names of those Britons who have deposited money overseas to avoid UK taxes. It wrote to 300 banks with offices in the UK last week telling them to reveal account details of British customers who have deposited money in branches overseas.
- 1 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 2 David De Gea transfer collapses: Manchester United goalkeeper's £29m move to Real Madrid off - because paperwork 'not done in time'
- 3 Pansexual: What is it - and when did the word become popular?
- 4 Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
The man who sold Minecraft to Microsoft for £2.5 billion says it's made him miserable
Nazi 'gold train': Fire engulfs suspected location of vehicle
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...
£20000 - £40000 per annum + competitive: SThree: Exciting career prospect for ...
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...