London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

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. 

HMRC formally provided details of its second tax amnesty on Tuesday of this week. After all of the leaks there are few surprises, the key points are:

  • 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
Author: Liz Cuthbertson

SHARE THIS

Articles from this Author

Contact a Private Client Partner

Tweet

Michael Lapham shortlisted in the Money Management Financial Planner Awards 2017 bit.ly/2fL8VXBtwitter.com/i/web/status/8…

#Farming trading as a #partnership potential #tax pitfalls and tips @mercerhole Phil Fenn insight shar.es/1SHZhc @accountancylive

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn