Some self-employed professionals, such as barristers, may be seen as “easier targets”by HMRC as they have earnings not taxed at source and could total millions of pounds in some cases.

It is estimated that of the £7bn of extra tax revenue sought by HMRC in the chancellor’s clampdown, it could be seeking about £2bn from the wealthy.

This follows a tax amnesty deal offered to doctors and dentists this year which HMRC described as “very productive”. People who came forward under the deal were offered a reduced penalty of 10 per cent of the tax owed as well as having to pay the original tax and interest on that sum. It resulted in 1,500 disclosures of untaxed earnings that yielded a total of £9m. One case raised £1.2m alone.

An HMRC official said: “This is a good model that we’re looking at taking forward. Amnesties cost us next to nothing.”

These targeted initiatives could obtain significant sums from individuals, including “professionals [who] should know better”, he added.

It is understood that a dedicated team of investigators is being set up to catch those individuals hiding money offshore in order to scrutinise financial records.

So far, amnesties aimed at offshore accountholders have raised only £500m, but an ongoing offer to very wealthy people with offshore accounts in Liechtenstein aims to raise about £1bn. More than 90 of those people have already come forward, HMRC said.

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Sep 20 2010 – Daily Record

By Torcuil Crichton

WEALTHY tax dodgers face a “ruthless” crackdown over the next four years that will raise more than £7billion for the Treasury.

The get-tough measure was unveiled at the Lib Dem conference by Treasury Secretary Danny Alexander.

It’s his bid to reassure party activists that the government coalition is committed to fairness.

Alexander said an extra £900million will go to HM Revenue & Customs over the next four years to tackle “morally indefensible” tax avoidance and evasion.

That will pay for a team of investigators to track down money hidden in offshore accounts and to run more thorough checks on tax returns put in by people making more than £150,000.

There will also be investment in cyber crime specialists to protect the taxman’s electronic systems from attack and more detection technology designed to prevent alcohol and tobacco smuggling.

Alexander also criticised those who use legal tax dodges to cut their tax bills.

He said: “To those who hire accountants to dream up a clever new tax dodge, I say this, Think again. We are all in this together – and that means you, too.”

The move overshadowed a subtle signal from Lib Dem leaders that they were preparing to means test universal benefits like the pensioners winter fuel allowance and child benefit.

In the clearest signal yet that the better off could be stripped of their universal welfare payments, Nick Clegg said he would be happy to give up his family’s £2450-a-year child benefit.

The Deputy Prime Minister said it was right that those who were “not so much in need” should share in the pain of deficit-reduction measures.

Critics have accused ministers of targeting the most vulnerable with benefit cuts as Chancellor George Osborne seeks massive contributions from the “out of control” welfare budget for next month’s spending review.

Asked if he was prepared to give up state help for his three young sons, he said: “Certainly.

“I think we just need to look in the round at a benefits system which has too many people who are dependent on benefits in the long run who should be encouraged to work. And it provides benefits to people who don’t necessarily feel that acute need in the first place.

“It would be unfair to only deal with those benefits which only go to people on very low means.

“You have to also, because that’s the fair thing to do, look at benefits that go high up the income scale to people who maybe are not so much in need and that’s what we’re doing.”

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