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UK Government, HMRC Extends Powers

It looks like the number of people claiming non-domicile tax status in the United Kingdom is set to rise sharply this year as the UK government attempts to crack down on people who are thought to be hiding money in offshore bank accounts. New powers are currently being considered by HMRC which could result in them having the power to take money directly from a tax payers account, although the more likely outcome would be that assets would be frozen whilst the individuals circumstances were investigated. These extra powers, although very controversial will surely cause more people to look at their domicile status and accountability for UK tax. With the prospect of HMRC even being allowed to demand cash from sale of assets in order to settle the debt there is no doubt this will run for a while.

It is estimated that some 200,000 people are currently in the situation where they will find themselves being investigated by HMRC, a recent amnesty gave people the chance to declare their offshore accounts but a lack of publicity on behalf of some offshore jurisdictions was blamed for only a very small percentage taking advantage of the amnesty.

It’s not all cut and dry yet though, the change to HMRC powers has not been welcomed by many tax experts, many are warning that the new measures being discussed would be an unacceptable addition to HMRC’s current powers.

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