Kevin Kinsella Jnr of KinsellaTax says:-
“If you are going to appear on television, make sure it is not the Panorama show.”
Panorama investigated an allegation that an employee of the Lloyds Banking Group advised a customer how to avoid getting around the European Savings Tax Directive.
Kevin said this has been going on for years.
He knows local branches of banks where they were invited to put money in that would be transferred to overseas branches, presumably tax havens like the Isle of Man, Jersey and Guernsey.
They obviously didn’t transfer the monies from the local branch to overseas branches other than, as far as Kevin is concerned, to avoid paying tax on the interest and perhaps the money itself which, in a lot of cases, is now being discovered, with the overseas discovery in 2007 and the latest one in 2009, that a lot of this money is, of course, undeclared income from businesses.
KinsellaTax dealt with a number of cases that all fell within this particular scheme of events.
Kevin says that he was even telling clients what branches they went to (to pay the monies in) and the clients were very surprised that he would know that but, of course, from his experience there were only certain branches that would do this sort of thing.
Now we are at a stage where countries such as Lichtenstein and Switzerland are all trying to get within the European ring so they have obvious advantages to belonging to those rings and they are prepared to disclose high earners who have sings accounts with their banks.
There was the case, of course, where HMRC paid £100,000 to a whistleblower in a Lichtenstein bank who gave them names and addresses of all the high earners in England who were depositing large sums of money in that bank.
Those people are now under intense investigation and prosecutions may follow if it is referred to the Revenue and Customs Prosecution Office (RCPO). Terms of imprisonment are not rare in such cases.
HMRC would love to prosecute a high profile individual or company as it has been proven that if a conviction is obtained, several millions of pounds are posted in from unidentified persons as tax that has not been paid.
“Don’t forget, KinsellaTax, can deal with all these matters and ensure that you get fair treatment, fair settlement and a reasonable charge.”