Taxation: UK Treasury to publish names of tax evaders
Any individual or business that wilfully evades tax faces finding their name, address and the amount of tax HM Revenue and Customs says they have evaded published. They call it naming and shaming.
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Those who deliberately evade taxes amounting to more than GBP25,000 will be affected.
Stephen Timms, Financial Secretary to the Treasury, said “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.”
But you've not got long: HM Treasury today appointed 1 April 2010 as the date on which s.94 of the Finance Act 2009 will come into force. This section authorises HM Revenue & Customs to publish the details of taxpayers where it is established that they have committed certain serious tax offences.
Or perhaps you've a little longer than first suggested. A statement from HMRC said "It is 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. If taxpayers make a full disclosure of any tax wrongs without delay they can avoid having their name and details published."
More on this story at www.bankinginsurancesecurities.com
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