Richard Clarke and Hannah Foulkes examine the effectiveness of recent HMRC initiatives
HMRC has launched a number of initiatives over the last three years variously described as ‘opportunities’ or ‘facilities’ and in turn these have been reported to be ‘amnesties’. The thrust behind these initiatives has been to allow errant taxpayers a quick and cheap way to address shortcomings in their dealings with HMRC invariably by declaring for the first time income or gains sitting in undisclosed bank accounts.
Each initiative has required the payment of the tax due plus interest and a flat rate penalty. The only real incentives being offered are the reduced penalty and the (more or less) guaranteed immunity from prosecution. So have these so-called amnesties really worked? And can HMRC learn anything from the responses to date and the experiences in other...
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Richard Clarke and Hannah Foulkes examine the effectiveness of recent HMRC initiatives
HMRC has launched a number of initiatives over the last three years variously described as ‘opportunities’ or ‘facilities’ and in turn these have been reported to be ‘amnesties’. The thrust behind these initiatives has been to allow errant taxpayers a quick and cheap way to address shortcomings in their dealings with HMRC invariably by declaring for the first time income or gains sitting in undisclosed bank accounts.
Each initiative has required the payment of the tax due plus interest and a flat rate penalty. The only real incentives being offered are the reduced penalty and the (more or less) guaranteed immunity from prosecution. So have these so-called amnesties really worked? And can HMRC learn anything from the responses to date and the experiences in other...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
