HMRC has now confirmed the dates for the second tax amnesty and is launching a national advertising campaign to persuade people, particularly those with offshore bank accounts, to come forward and declare any previously undisclosed income.
The amnesty will begin on 1 September for paper disclosures and 1 October for online disclosures. The deadline is still set at 31 March 2010 for paper disclosures but only 31 January for online.
The penalty is set at a flat rate 20% plus interest on unpaid tax.
HMRC say that this is a real last chance and certainly the penalty is lower than could otherwise be expected, although higher than the 10% offered on the first amnesty.
If you do have anything you need to declare, now is probably the time to start talking to an adviser so you have time to sort everything out sensibly rather than pushing deadlines.
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Date: 9th July, 2009
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