Tax amnesty for offshore investors

**Jet Setter** · 30 July 2009, 08:27

I reckon it is. HMRC are not about being charitable and letting people play the honesty card. If they had an efficient way of tracking people's money they'd have already slapped them with tax and fines to go with them.

**Pondlife** · 30 July 2009, 08:29

Originally posted by BrilloPad View Post

To me it sounds like HMRC have no means of detecting these schemes so are desperate to get people to pay anything. Is that a fair summary?

Not so sure. All HMRC need is a list of names and balances, then they can assume that you are the same Mr B Pad with an account in Lichtenstein and assume that tax is owed. It's then up to you to prove otherwise.

You need to hope that whichever country you've stashed your cash will be uncooperative in sharing information. This is increasingly hard to do since the US insists on this info to track money laundering to finance terrorism.*

*except Saudi and Dubai cos no one wants to open that bag of worms.

**Tingles** · 30 July 2009, 08:30

I know someone who held his hands up about 10 months ago....

Oh dear..... pass the lube....

**BrilloPad** · 30 July 2009, 08:30

Originally posted by Jet Setter View Post

I reckon it is. HMRC are not about being charitable and letting people play the honesty card. If they had an efficient way of tracking people's money they'd have already slapped them with tax and fines to go with them.

Why would anyone be charitable if they are already offshore? Maybe if they are more stupid than the twunts at HMRC I suppose.

If I was giving to charity I would give it to Bernardos or someone. Though I suppose Gordon is quite a desperate case these days.

**BrilloPad** · 30 July 2009, 08:32

Originally posted by Pondlife View Post

Not so sure. All HMRC need is a list of names and balances, then they can assume that you are the same Mr B Pad with an account in Lichtenstein and assume that tax is owed. It's then up to you to prove otherwise.

You need to hope that whichever country you've stashed your cash will be uncooperative in sharing information. This is increasingly hard to do since the US insists on this info to track money laundering to finance terrorism.*

*except Saudi and Dubai cos no one wants to open that bag of worms.

I have quite a common name. So if any of those other 20/30 people in the country decide to cheat then I get put away?

Sounds about right in the UK these days......

**DimPrawn** · 30 July 2009, 08:36

Originally posted by BrilloPad View Post

I have quite a common name. So if any of those other 20/30 people in the country decide to cheat then I get put away?

Sounds about right in the UK these days......

John Patel?

**Pondlife** · 30 July 2009, 08:38

Originally posted by BrilloPad View Post

I have quite a common name. So if any of those other 20/30 people in the country decide to cheat then I get put away?

Sounds about right in the UK these days......

You all get the opportunity to prove your innocence.

Incidentally, there was big story in the German news a few months back after a CD containing the bank details of all account holders for a large financial institution in Lichtenstein found there way into the hands of the Tax man IIRC.

Not sure what German prisons are like but they're certainly businer now.

**sweetandsour** · 30 July 2009, 08:39

There was a piece on the BBC website about this a while ago. The point was that the "amnesty" being offered by HMRC was not as good as the one that overseas tax authorities had offered and as a result was not as successful.

http://news.bbc.co.uk/2/hi/business/6766879.stm (SFW)

**DimPrawn** · 30 July 2009, 08:42

They'll never take me alive.

Tax amnesty for offshore investors