HMRC goes public on offshore disclosure opportunity
Below is a blog which was posted on our sister blog SME Plus and written by Mercer & Hole tax partner Cathy Corns. The blog is in relation to offshore disclosure, which has received a lot of press attention this week.
- Notification of intent to disclose has to be made within the window 1 September to 30 November 2009
- Full disclosure then has to be made by 31 January 2010 for paper (very bad timing bearing in mind the tax return deadline) or 12 March 2010 for on-line disclosure
- The penalty rate is generally 10% unless you were written to in 2007 and could have taken advantage of the then amnesty in which case the penalty will rise to 20%
- Late disclosure will attract a much higher penalty between 30% and 100%
- HMRC is offering no guarantees on prosecution but has stated that so far no-one who came forward in 2007 has been prosecuted but that those who could declare by 12 March next year and do not do so face a risk of prosecution.
Full details can be found by logging on to www.hmrc.gov.uk and following the link from the home page.
I would stress that the deadlines are tight particularly when combined with the personal tax pressures in December and January. If you think you may have anything to disclose and need some help please contact us as soon as possible for a free, no-obligation and confidential phone call - 020 7353 1597. It seems unlikely that HMRC will provide further disclosure opportunities, so this may represent your last chance to take advantage of the lower penalties.
Date: 31st July, 2009
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