Ireland amnesty

The Irish Revenue Commissioners have announced an initiative ito tackle the evasion of taxes through the use  of offshore property, companies, trusts and other structures.  Offshore, for these purposes, will, of course, include mainland UK as well as the IOM, the Channel Islands and the other tax havens. 

The initiative will commence on 1 September.  Before then, Irish taxpayers are invited to come forward with a voluntary disclosure displaying the usual mitigation of penalties and waiver by the authorities of criminal prosecution.  Additionally, voluntary disclosees will not have their names published in the quarterly list of tax offenders under Ireland's policy of name and shame.  

The introduction of an equivalent publication policy in the UK would, we expect, have a considerable impact on improving compliance.  An override of confidentiality would be easily enacted and, in an era when governments regularly borrow from other government's tax systems, we wonder whether it will be long before this receives serious consideration in the UK.