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
Articles from this Author
12th October, 2017
Is investment in the UK still alive?
2nd May, 2017
UK Property – still the real deal?
17th June, 2016
Update on the Annual Tax on Enveloped Dwellings (ATED)
26th November, 2015
Property round-up - Autumn Statement
Contact a Private Client Partner
Some myths and some tips on keeping your tax affairs in good order - Tax on Cryptocurrency UK… twitter.com/i/web/status/9…
Tax & Trusts Senior - current vacancy. A new opportunity has arisen for a to support our busy Tax and Trusts Manage… twitter.com/i/web/status/9…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole