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| Name and shame powers to go live |
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New powers given under Finance Act 2009, s. 94 will come into force on 1 April 2010 and will allow HMRC to make public details of taxpayers and companies who deliberately evade taxes. Stephen Timms, Financial Secretary to the Treasury, said: “It is only right that people pay their fair share of tax, which supports vital public services. We know that law-abiding taxpayers will want to see the results of HMRC’s investigations into tax cheats. “This new approach should make people think again about trying to get away with tax fraud. As well as having to pay the tax, interest on the tax, plus penalties of up to 100 per cent of the tax lost, they also now risk being identified publicly. “We are only targeting deliberate tax evaders. So if you know that you have not paid the right tax, and you want to avoid being named, contact HMRC right away to set things straight.” It is currently planned that names will be published on HMRC’s website. Because this measure will only be applied for periods starting from 1 April 2010, it is not expected that any names will be published before the first half of 2011. Taxpayers who may be named are those who have deliberately evaded tax of more than £25,000 in total. If taxpayers make a full disclosure of any tax wrongs without delay they can avoid having their name and details published. |
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Saturday, 06 March 2010 | 1251 Hits |
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