Final warning for tax dodgers
HM Revenue and Customs are sending out final warnings to 500,000 suspected tax dodgers in a bid to get people to pay tax on income hidden in offshore accounts.
The Offshore Disclosure Facility (ODF) began last year and has led to 450,000 people paying an extra £400m. But HMRC suspect much more tax is recoverable.
HMRC estimate that tens of thousands failed to admit offshore accounts when contacted last year, therefore not paying the tax
plus interest and 10% penalty by 26th November 2007.
The new letter which will go out from Monday 17th Match is to prompt people to confess before a full scale enquiry is launched. People have 30 days to reply and they will now have to pay higher penalties of at least 30% of the value of unpaid tax.
Serious cases may still lead to prosecution.
Tags:
tax, Government