Pre-Budget Report 2009 - Darling turns up the heat on offshore tax evaders
Penalties to increase dramatically after 4 January
Wednesday, 9 December 2009
The Chancellor today introduced another stick with which to beat offshore tax defaulters, by announcing a new tougher penalty regime for those who fail to take advantage of the so-called "amnesty”, the deadline for which was recently extended to 4 January 2010.
Paul Harrison, UK Head of Tax Investigations at KPMG, said:
"Our phones have been red-hot with people wanting to take advantage of the carrot on offer through the New Disclosure Opportunity. I now expect our phones to be even hotter.
"I would definitely encourage anyone concerned about their offshore tax affairs to take advice on their position as soon as possible and certainly before the deadline expires on 4 January. It seems there is an even bigger stick on the horizon now, and time is running out.
"HMRC will be receiving information from as many as 300 financial institutions which will lead them to those individuals with offshore bank accounts. This is a serious and organized pincer movement on the part of the authorities to clamp down on offshore tax evasion.
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About KPMG: KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with 11,500 partners and staff. The UK firm recorded a turnover of €2.2 billion in the year ended September 2008. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 148 countries and have more than 113,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.