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Tax amnesties should be fair for all

Tax amnesties should be fair for all

The Chartered Institute of Taxation (CIOT) has branded the new Tax Health Plan that is being offered to contractors and freelance consultants in the medical sector as unfair, saying it should be offered to professionals in all sectors.

Under the scheme, HMRC is offering a reduced rate penalty charge of just 10% for anyone notifying them of their intention to make a disclosure before March 31st. Medical professionals will then have until June 30th to make the disclosure.

But the CIOT is concerned that HMRC’s proposition is not exactly ideal. Particularly as it will give other professionals outside the medical sector an opportunity to get their affairs in order while they wait for their ‘turn’. This view is shared by several leading contractor accountants.

The chairman of the CIOT’s management of taxes committee, Gary Ashford, said that although HMRC’s tax health plan should be applauded, the CIOT would much rather that it was applied on cross-sector basis, and not just reserved to medical professionals. In an attempt to persuade those people withholding undeclared taxes to come forward, HMRC plans to ‘name and shame’ individuals from April 2010.

Under HMRC rules, those not taking advantage of the offer and found to have committed tax evasion could face charges of up to 100 per cent.

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Image: Odd one out by Cynergist

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