Deterrence works
Forgetting to pay HMRC £400 million is a big mistake.
As many commentators have been pointing out benefit cheats are jailed for forgetting to mention income of a few hundred pounds, but tax offences are it seems not worth deterring.
Let’s face it, if in the future you did happen to have millions hidden off shore and you thought that the tax man did not know about it, could not prove it was your’s, or that you benefitted from it; what is your incentive to come clean?
First, you are very likely to get away with it, even if HMRC suspect something they will have to spend a lot of time and resources searching for it and usually failing.
Second you can drag it out through the tax system and the courts for years and finally if the worst happens, you pay back the money you have owed for years plus some interest and walk out of court.
What’s not to like?
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media