Thousands of Britons Claiming to Save Money Abroad

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Thousands of Britons admit that they have the money saved abroad. (News CAIRO)

Thousands of Britons admit that they have the money saved abroad. (News CAIRO)
LONDON (Reuters CAIRO) - Nearly 10,000 people came to the tax department to declare that they have a store of money hidden in bank accounts abroad.

The British taxpayer has until 1700 GMT on Monday to notify HM Revenue and Customs (HMRC) that they plan to come and submit their taxes not yet paid.

Approximately 1,100 people on Monday declared that they would confess, marking the final seconds before the time limit for recognition.

HMRC estimates that the campaign will raise about 500 million pounds.

Those who do not claim to be investigated and receive a penalty of 100%.

Deadline January 4, is for people to tell HMRC that they intend to express their unpaid taxes.

Those who have done it now must make full disclosure - either through the files as of January 31, 2010, or online as of March 12 this year - about how much money they hide in foreign countries and then pay off the unpaid tax.

They must calculate not only the unpaid tax up to 20 years back, but also the accompanying flowers, and a penalty of 10%.

Campaign disclosure of the first conducted in 2007 and addressed to the High Street bank customers.

The campaign eventually succeeded in collecting a tax of 450 million pounds from 45,000 people, and even though it was about 17,000 other people said they would pay, but it turns out they do not end up doing.

Having offshore accounts is not illegal, but anyone who receives the savings and investment income from abroad must declare it in their tax returns. They may have to pay UK income tax as a result, but if they have paid foreign tax for the income, then they can reduce them.

In the pre-budget report, Chancellor Alistair Darling proposed maximum penalty for a foreign tax must be multiplied.

Maximum penalties of 200% new will be implemented through the Finance Bill next year following the Budget 2010 and will be effective in 2011.

This was said not long after Darling said there would be a 0.5% rise in National Insurance in Britain and 1% of public payment settlement began in 2011.

The increase, which was limited only to those with incomes of more than £ 20,000 per year, will hit about 10 million workers.

According to estimates by the Ministry of Finance, a person who has an income of £ 30,000 will be £ 90 per year worse off and those with £ 40,000 would be £ 190 worse off, while those with income of £ 10,000 per year will be £ 110 better.