Tax & Accounting News

Offshore account 'amnesty'

18/04/2007

HM Revenue and Customs have announced special arrangements for disclosure of undeclared interest on offshore accounts.

Although media reports have referred to this as an 'amnesty', HM Revenue and Customs do not describe it as such, and indeed all outstanding tax, plus interest, will be payable in full. The only concession is that a there will be no penalty if the untaxed amount does not exceed £2,500, and a reduced penalty of 10% in other cases.

The arrangements will not, however, apply if a disclosure is incorrect or incomplete, or if Revenue and Customs have already opened an enquiry, or if a criminal offence may have been committed.

Any disclosure under these arrangements must be made by 22 June 2007, and all tax, interest and any penalty must be paid by 26 November 2007.

For full details, includinga list of Frequently Asked Questions, click here.

Please contact us if you would like assistance in making any disclosure.

 

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