HM Revenue and Customs (HMRC) has announced details of the new offshore bank account disclosure scheme, which is due to commence in September 2009.
Following a meeting with tax practitioners, HMRC has confirmed that the penalty for full disclosure under the scheme, of income connected to a hitherto undeclared offshore account, will be 10%. However, penalties could be higher for those who had a previous opportunity to disclose but failed to do so. Ordinarily, penalties of at least 30% and up to 100% can be imposed on undeclared income.
For detailed information, please see our HMRC New Disclosure Opportunity (NDO) resource page.
We strongly recommend that anyone with any doubts as to their taxation liabilities should contact us for specialist advice as soon as possible.
