HMRC Releases Details Of New UK Offshore Amnesty

June 5th, 2009

HM Revenue and Customs (HMRC) has announced initial details of the new offshore bank account disclosure scheme, which is due to commence in the autumn of 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 had a previous opportunity to disclose offshore income but failed to do so. Ordinarily, penalties of at least 30% and up to 100% can be imposed on undeclared income.

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