Money News
If you fail to pay your tax bill you could see your dosh stripped out of your bank account under new proposals outlined by the Government - the argument being that HM Revenue & Customs (HMRC) would be able recover unpaid tax more quickly to stop evaders hiding their money and assets.
HMRC says that determined late payers can easily put assets out of reach before an order for payment is made. Moreover, seizing cash from a bank account may be less disruptive than going the county court judgment route - or worse; taking items from taxpayers' homes.
Figures show that about 200,000 non-payers are pursued through the courts each year. Under the new proposals, tax collectors would be able to stake a claim on a property, thereby recovering unpaid taxes when the property is subsequently sold.
And to make life even easier for HMRC, mobile phone companies, banks, estate agents and utility firms would be forced to provide up-to-date addresses for people who can't be tracked down.
The proposals may yet prove thorny, not least in how people with jointly owned assets - and where only one party may be in dispute as far as HMRC is concerned - can be protected.
05 July 2007 © Moneyextra.com
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