Banks give Income Tax interest details
BANKS will tell Income Tax from today how much interest is paid on savings as part of a crackdown on tax evasion which could net millions of pounds.
They will also tell the taxman how much interest has been paid on a mortgage to make sure any claim for relief is honest.
The measures under the Stop Tax Evasion Programme also have a third arm, an online form to allow residents to blow the whistle on cheats – bolstering the existing hotline and email address.
Tax cheats have been given until 31 March next year to own up and pay up to escape penalties or possible legal action.
Director of income tax, Rob Gray, encouraged the public to help track down cheats. 'Tax evasion is a crime, but it is sometimes rationalised as harmless because it is only the "taxman" that is suffering,' he said.
'That is not true. Every tax evader cheats every honest taxpayer in the island – including his own family and friends – because tax revenues are used to fund vital public services such as health, education and public and social welfare.
'It is vital, therefore, for the social and economic wellbeing of the island, that the Income Tax Office does all that it can to make it harder and harder for tax evaders to continue to escape detection.'
Income Tax has revealed that more than £35.4m. has been raised in unpaid tax, penalties and late payment surcharges since the late 1980s, when a compliance and investigation unit was introduced.
