UK Revenue to target medics after amnesty ends
Only 1,500 of an estimated 28,500 potential UK health professionals took advantage of favourable tax penalties to disclose £9 million of untaxed income, according to figures announced by HM Revenue & Customs on 21 July 2010.
The highest value disclosure was in excess of £1 million by a doctor, and more than £300,000 by a dentist. The deadline for the Tax Health Plan, which provided a set 10% penalty in return for disclosure, expired on 30 June.
The Revenue said it was not disappointed by the yield of the initiative -- the first of planned campaigns targeting professionals -- as it was inexpensive to run and the results had been unpredictable. But it intended to pursue anyone who should have come forward, imposing penalties of up to 100% of the tax due.
"We are very happy with the response to the campaign," said an HMRC spokesman. "We didn't have a target in mind but nonetheless the campaign has resulted in millions of pounds of tax that might otherwise have been lost being paid to HMRC as required by law. Anyone who has been evading tax should talk to us as a matter of urgency as voluntary disclosure always makes financial sense."
Separately, about 5,500 individuals with undeclared offshore accounts have come forward to pay £82 million in tax under the new disclosure opportunity, the latest amnesty targeting offshore tax evasion. The initiative, which yielded less than most experts expected, coincided with legal notices that forced 130 banks to disclose customer information.
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