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Offshore Disclosure Phase 2 - 30% Penalty

Last year HM Revenue & Customs launched the Offshore Disclosure Facility to enable those with undisclosed interest from offshore bank accounts to come clean and report the omissions and pay the tax, interest and a 10% penalty.

Before the facility closed on 26 November 2007 it was being reported that the facility had not been as successful as the Revenue had hoped.

Today the Revenue are implementing the second phase of the attack on offshore account holders by issuing letter to around 5,000 account holders who did not come forward last time. This time, as well as having to pay the tax and interest the Revenue has stated that any penalty is:

“..unlikely to be less than 30%”

If you are in the position of having undisclosed income you should seek professional advice as soon as possible. Next time it could be the maximum penalty of 100% of the tax or even a criminal investigation.

 

 

Date: 17th March, 2008
Author: Liz Cuthbertson

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