Live UK Tax Policy Committee Select Committees


Live UK Tax Policy Committee

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Really integrating and becoming wholeheartedly more digital. Any

:03:48.:12:04.

other final words on the issue of pay-as-you-go turrets? Was part of a

:12:05.:12:12.

budget programme you can opt to pay monthly instalments if you want to.

:12:13.:12:17.

HMRC are terrible at publicising it. I think you will find there are a

:12:18.:12:20.

number of people who do not like getting hit with a big bill twice a

:12:21.:12:25.

year, essentially July and January. I think a number of people want to

:12:26.:12:31.

play mostly as they -- monthly as they earn the money. It would be

:12:32.:12:35.

pay-as-you-go, they will not know what their taxes, they will just be

:12:36.:12:40.

paying in instalments. Some very helpful suggestions right across the

:12:41.:12:44.

board, we will take a closer look at them.

:12:45.:12:50.

George? I want to go back to an issue that was raised which is the

:12:51.:12:56.

consultation HMRC initiated last month on failure to correct on

:12:57.:13:06.

accounts held overseas. The consultation has offered a range of

:13:07.:13:10.

penalties for those failing to correct before the September 2018

:13:11.:13:20.

deadline. Particularly, do you think that will actually change behaviour?

:13:21.:13:25.

I think the biggest thing that will change behaviour, and I expect might

:13:26.:13:28.

have given a slightly incorrect answer before, I may have missed

:13:29.:13:34.

which consultation you were talking about, if you go back to 2004/5,

:13:35.:13:42.

HMRC had no data on offshore accounts. It had suspicion. So there

:13:43.:13:47.

was often a favourable system. What we have been on is a progress where

:13:48.:13:53.

the penalties have increased and the disclosures to HMRC from overseas

:13:54.:13:58.

have also increased. That is where we had to leave live

:13:59.:14:01.

coverage from the select committee rooms. You can continue watching

:14:02.:14:11.

this coverage online on the website at bbc.co.uk/parliament.

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