Tax Amnesty discussion

Cook_County

julians wrote: »

A few questions I think a lot of people have:

1- How many people does this issue affects?
2- Are they going to be able to go through everyone's records - or will they just go for those with large amounts?

If some one had earnt money in 1999/00 and put it offshore (in a non interest bearing account) would they still have to pay the taxman the Tax + Interest on money? (+ fine).

1. It affects several million people because the "amnesty" can be used by anyone who owes tax.
2. It is a self-assessment system so "they" are waiting for people to come forward.

If interest has been credited and not taxed when is should have been then yes taxus interest plus penalties would normally be due.

senora3724

I too was under the impresson, via thorough research, that as I pay income tax and wealth tax on my Spanish property, under the "Dual Tax" agreement I odn't have to pay again to the British Taxman. Howver, I've now been sent a tax return to fill in the size of a phonebook. I think it is time to hand it over to a professional. Can anybody recommend an accountant in the North West (Manchester) who could help me with this? I would be very grateful.

Cook_County

julians wrote: »

So what's the chance you'll get caught? If say, you owe about £4,000? We we talking "yes for sure" or "maybe"?

That is not a money-saving question; that would be illegal because it is called theft or common law cheat.

Cook_County

senora3724 wrote: »

I too was under the impresson, via thorough research, that as I pay income tax and wealth tax on my Spanish property, under the "Dual Tax" agreement I odn't have to pay again to the British Taxman. Howver, I've now been sent a tax return to fill in the size of a phonebook. I think it is time to hand it over to a professional. Can anybody recommend an accountant in the North West (Manchester) who could help me with this? I would be very grateful.

If this is a tax return then a CTA would be competent. Take a look at the CTA website to find a tax adviser:
http://www.tax.org.uk/

Keeshta

Hi,

In 1999 - 2000 I went to Australia on a 12-month working Visa (I am a domiciled UK resident). Before leaving I deposited some savings earnt whilst working in Australia, in a savings fund of an Australian Bank. Since then the interest earnt has always been subject to Australian non-resident tax and is always re-invested back into the account.
I read the Sunday Times article about the Offshore Disclosure Facility and became concerned that I should have declared the interest from this account for UK tax. Is the interest subject to UK tax? Should I use the Offshore Disclosure Facility and would I have to pay tax on the capital if I transferred the money into the UK, or is it just the interest that might be taxable? I am really worried about this and would really appreciate any advice.

Keeshta

pseudoclogs

Hi,

I've just received HMRC letter,

1. I had an offshore bank account until May 02
2. I was non-domicile until Aug 01, expat in Netherlands
3. I returned to a job in the UK in Aug 01

Would appreciate guidance on
a. I assume that I need to disclose interest/dividends/gains in period Aug 01 - May 02. Am I correct ?
b. Is the threshold for 10% penalty @ £2500, based on level of taxable benefit or the calculated level of tax ?

Thanks

peter999

HMRC -Letter sent out
http://www.hmrc.gov.uk/offshorefunds/account-holders.pdf

Amnesty experiences so far. By Will Heard
http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=168545&d=1025&h=1019&f=1026

Tax amnesty for overseas homeowners
http://business.timesonline.co.uk/tol/business/money/tax/article1654070.ece

peter999

Qamy

What do you think?. I received a letter today from HMRC inviting me to disclose my offshore savings, it has come a month too late, but what I am interested to know is............... Lets say I opened an offshore account 14 months ago, I deposited around 60,000 pounds between the months of April 2006 and November 2006, the money came from bets, i.e, me and a few friends made bets with each other and the winner won money etc which I deposited into an offshore account in the Isle of man, hoping to pay off my morgage later this year. What are the likely consequences in this situation?.

Emerald_2

Please could someone give me their thoughts?

1) If you were born and brought up in the Irish Republic, moved to the UK and lived here for many years, working, paying income tax, retiring etc. are you still a non-UK domecile because of your origins?

If so would you have to pay tax on off-shore money if it was never brought into the UK?

2) If you had brought money into the UK and subsequently moved back to Ireland are you liable?

Thank you.

Gold_Shogun

Qamy wrote: »

Lets say I opened an offshore account 14 months ago, I deposited around 60,000 pounds between the months of April 2006 and November 2006, the money came from bets, i.e, me and a few friends made bets with each other and the winner won money etc which I deposited into an offshore account in the Isle of man, hoping to pay off my morgage later this year. What are the likely consequences in this situation?.

£60,000 winnings via private bets with a few friends over a Six Month Period ???

... Unless you are "seriously well off" to start with, Squire ... I would imagine that the answer would be "about 4 years, with time off for good behaviour" :rolleyes:

... Time to start thinking of a "Better" explanation, methinks !