UK Budget: £1bn tax figure ‘used to make sums add up’

Friday 22nd March 2013, 12:00PM GMT.

A £1bn haul of undeclared tax from the Crown Dependencies has been estimated by the UK government to make its own sums add up, experts said yesterday.

The annual KPMG Budget Breakfast seminar heard Jason Laity, managing director of KPMG Channel Islands, offer a breakdown of the £1bn of ‘tax repatriation’ forecast by HM Revenue and Customs over the next five years.

The UK Treasury states there are £8.5bn of funds in the Crown Dependencies which interest it, of which it estimates a ‘tax base’ of £3.4bn. Although it has produced a year-by-year breakdown of expected receipts, it has caveated those figures by mentioning ‘significant uncertainties about the base and the effects’.

But Mr Laity, pictured, and States economist Andy Sloan both said the £1bn headline figure was ‘integral to the Chancellor’s numbers’.

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1
No One

March 25, 2013 at 2:07 pm

So you are not denying there is “undeclared tax” in the island, just arguing over how much eh ?

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- Island Wide voting
  
  March 25, 2013 at 3:46 pm
  
  Not sure why they bother but my bank sends me a statement every six months showing how much interest I have accrued ( Interest ? …aahh yes I remember that)
  
  At the bottom of the sheet there is always the following notice ..
  
  IMPORTANT INFORMATION
  You will be responsible for the disclosure to the relevant tax authority of the amount of interest credited
  
  Just sayin’
  
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