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Medical professionals' tax amnesty labelled 'unfair'
Tax experts have criticised the new Tax Health Plan for medical professionals, recently unveiled by HM Revenue & Customs.
Under the scheme, medical professionals are being encouraged to make a voluntary disclosure regarding understated UK income.
Those who contact HMRC by 31 March and register their intention to make a disclosure will be offered the opportunity to put their tax affairs in order, on favourable terms.
Taxpayers must make their disclosures, and arrange to pay all tax interest and penalties due, by 30 June.
Those who fail to take advantage of the scheme will be targeted by HMRC, and anyone found to have undeclared tax liabilities could face significant penalties or even prosecution.
Mike Wells from HMRC said, 'Our aim is to make it as easy as possible for people to come forward, make a full disclosure and benefit from the certainty of a reduced 10% penalty'.
However, some tax experts have warned that the system is unfair and inconsistent, as previous tax amnesties only applied to those individuals who had offshore accounts.
HMRC is being urged to offer a similar scheme to all taxpayers.