Debt solutions news: Offshore tax evasion 'unacceptable'

08/01/2010

People who may be keeping money hidden in offshore accounts in order to manage their debt have been told this is "morally unacceptable".

The comment came from treasury minister Stephen Timms as HM Revenue and Customs declared yesterday (January 7th) that around 10,000 people had come forward and declared their offshore income and gains.

Stephen Timms said: "Hiding money in offshore accounts to evade tax is economically and morally unacceptable.

"It robs public services of funding and places an unfair burden on the honest majority of taxpayers."

He added that some people may still be tempted to do so but warned that "the government will bring forward measures during 2010 to build on the significant progress made both in the UK and globally during 2009 in closing down offshore tax evasion for good."

Keeping money in offshore accounts allows investors to avoid paying tax on their money, but the government now has access to the details of some 300 banks and intends to compile a full list of undisclosed tax evaders.

Tags; Current UK Economy,

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