26-02-2008
Crackdown on tax evasion imminent
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The acting chairman of HM Revenue & Customs (HMRC) has issued a warning over a crackdown against those who try and evade tax.
Speaking after it came to light that UK authorities have obtained information regarding Liechtenstein-based accounts, the comments from Dave Hartnett come as HMRC has confirmed that up to 30,000 individuals are to be targeted.
Bordering Switzerland and Austria, the Principality of Liechtenstein is the world's smallest country of German speakers. "It should now be clear to everyone that there is no safe hiding place for the proceeds of tax evasion," said Mr Hartnett.
Separately, a lawyer specialising in taxation added that "there could be a lot of very worried people in the UK".
The individuals being targeted are all liable for back taxes exceeding a collective total of £100 million. Mr Hartnett has advised anyone with a "hidden income" to come forward and disclose details.