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Changes to the tax rules governing offshore bank accounts have been met with a cautious welcome by the Chartered Institute of Taxation (CIOT).
Earlier this week HM Revenue & Customs (HMRC) announced plans for a new procedure designed to tighten the law surrounding offshore bankingfor individuals with undisclosed sources of income.
Designed to target those people who have moved funds simply to avoid paying income tax which is illegal the new move could see people penalised heavily for failing to comply.
The CIOT, which says it broadly welcomes the move, did have some qualifications for the government plans to amend the rules governing those individuals and organisations which wanted to use offshore banking.
John Cullinane, CIOT president, commented: "This is clearly a complex area and we believe that there are a number of aspects to this initiative which will need very careful consideration.
"It is right that taxpayers who have failed properly to disclose their tax liabilities should be required to pay the tax that is properly due.
"Equally, it is very important that proper safeguards are in place to ensure that people do not end up paying tax which is not legally due."
The CIOT says it will now be looking to discuss the arrangements with HMRC which has said it will consult with professional bodies on the issue.
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