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.

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