New offshore income “amnesty”
H M Revenue & Customs have finally announced the details of their latest (and – we are assured - last ever) “amnesty” for people who have offshore income which has not so far been declared.
In particular H M Revenue & Customs are targeting overseas bank accounts. It is a common fallacy that overseas interest does not need to be declared on UK tax returns – but fallacy it is and if you are in this position you really must contact Victoria Bishop (on 01900-603623 or firstname.lastname@example.org), or the partner you normally deal with, as soon as possible.
The terms of the amnesty are open until 30 November 2009, with until 12 March 2010 to provide exact details to H M Revenue & Customs.
If you use this opportunity to voluntarily “come clean” then penalties will not exceed 10%, unless H M Revenue & Customs specifically contacted you during the 2007 “amnesty”, in which case the penalty will rise to 20%.
Although the “amnesty” does not specifically target onshore non declarations of income we would recommend you to contact us if you have anything which may concern you as penalties for non declaration are severe.
If there is anything you are not sure about please contact Victoria, or the partner you normally deal with, for a private, confidential chat.