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01/10/2003
Tax evaders asked to own up and avail of amnesty
Northern Ireland's tax evaders could save themselves thousands of pounds, as well as time in jail, if they take advantage of a little-known tax amnesty, according to professional financial services company, PricewaterhouseCoopers.
During the 1990s dozens of Northern Ireland residents were amongst those who evaded tax by covertly investing millions of pounds in undeclared offshore trusts, mostly in Jersey. Investors believed the Channel Islands’ famous banking secrecy rules would protect them and their trusts from ever being named to the UK tax authorities.
However, it is understood that the Inland Revenue has obtained a list of who controlled these undeclared trusts. Now they want their money back - with interest. But in a bizarre twist, those who own up before they are caught will get to keep more of the cash as an honesty bonus.
David Hill from PwC’s Belfast-based tax investigations team explained: “The Revenue has agreed to a one-off Inheritance Tax amnesty for those who come clean now.
“If they own up to Jersey trust investments before the Revenue can confront them, they will also face fewer tax penalties on other tax debts.
“The Revenue is not publicizing this one-time deal, but the offer is there and a number of local people with trust-related tax problems have already successfully taken it up.”
However, Mr Hill warned that time us running out for anyone who wants to own up to such trusts.
Those individuals with an undeclared Channel Islands trust needs to be back in the UK and declared to the Revenue by 31 October 2003. Miss the deadline and on 1 November their bills will increase by thousands of pounds.
(MB)
During the 1990s dozens of Northern Ireland residents were amongst those who evaded tax by covertly investing millions of pounds in undeclared offshore trusts, mostly in Jersey. Investors believed the Channel Islands’ famous banking secrecy rules would protect them and their trusts from ever being named to the UK tax authorities.
However, it is understood that the Inland Revenue has obtained a list of who controlled these undeclared trusts. Now they want their money back - with interest. But in a bizarre twist, those who own up before they are caught will get to keep more of the cash as an honesty bonus.
David Hill from PwC’s Belfast-based tax investigations team explained: “The Revenue has agreed to a one-off Inheritance Tax amnesty for those who come clean now.
“If they own up to Jersey trust investments before the Revenue can confront them, they will also face fewer tax penalties on other tax debts.
“The Revenue is not publicizing this one-time deal, but the offer is there and a number of local people with trust-related tax problems have already successfully taken it up.”
However, Mr Hill warned that time us running out for anyone who wants to own up to such trusts.
Those individuals with an undeclared Channel Islands trust needs to be back in the UK and declared to the Revenue by 31 October 2003. Miss the deadline and on 1 November their bills will increase by thousands of pounds.
(MB)
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