U.K. Launches Tax Amnesty for Offshore Accounts
July 28th, 2009
Wall Street Journal
LONDON — The U.K. government, struggling to keep up revenue streams as public finances deteriorate, Tuesday offered an amnesty to U.K. citizens with unpaid taxes linked to offshore accounts.
Under the New Disclosure Opportunity, a six-month time limit from Sept. 1 has been set for settling outstanding liabilities at a low 10% penalty rate. Failure to declare could result in a punitive penalty of 30% or more and increased risk of prosecution, the U.K. Revenue and Customs office said.
Continue reading at WSJ.com…