Offshore Tax Havens Update

HMRC recently extended the tax amnesty deadline to the 4th of January – which is a good thing because shortly after doing so it was announced that there will be a massive increase in the potential fines faced by those who deliberately evade tax by squirreling their money away offshore.

Offshore tax dodgers are to face even bigger fines from 2011 it has been announced – therefore if you have undeclared assets offshore, perhaps you should be speaking to an accountant about declaring your ‘crime’ to the Treasury quickly before January the 4th 2010.

The new fines will be up to a ceiling of 200% of the unpaid tax amount – and the legislation behind the move will come into being next year following the Budget, and be brought into effect by 2011.  As we always repeat, ignorance is no excuse when it comes to taxation – you have to be aware of your own liabilities and responsibilities and fulfil your obligations.  But if you’re a British tax payer and you’ve avoided taxes…now is a good time to get your affairs in order.

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Isn’t it interesting how, in the build up to the publication of Michael Foot’s independent review of British offshore financial centres, the media were right on the story telling us how it would reveal that centres like Jersey and Guernsey not only drain the UK tax coffers of billions, but that they are now in crisis and that the British tax payer will have to bail them out.

Then, when the report is published and it actually reveals that British offshore financial centres are responsible for propping up the British economy, are very well run in many cases and that they have a vital role in the ongoing health of Britain’s banks and overall economy, no one wants to publish such interesting yet seemingly ‘boring’ news!

In this article we’re going to explain why nothing’s been published about the British Offshore Financial Centres Report because the facts and findings contained therein are not the stuff of scurrilous headlines that will sell papers on the back of fear.  Rather, the findings are fascinating and prove to anyone who has an interest in all things offshore that offshore jurisdictions are critically important not only to international business, but to the British government as well!

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In their April 2009 Budget the British government not only made it very clear that they want to tax higher earners far more, but that they want to put a cap on any tax relief that such individuals currently enjoy on any of their savings and investments too.

This shocked many as a lot of the proposals represented a u-turn in policy and really made it very clear that the UK government is wholly unsupportive of those who work exceptionally hard and earn more as a result.  Needless to say, those who will be affected by the far reaching and damaging changes from as early as April 2010 have been looking into ways to get around the tax increases.

So, the question on many people’s lips is – ‘are offshore tax havens benefitting from British higher rate tax payers’ wealth’ – and the answer is a resounding and almost universal yes!  In this report we’ll examine how the British government is pushing some of its most important citizens – in terms of their influence on British business and the British economy - away from the UK.

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