Offshore Disclosure

The door has closed on the offshore disclosure initiative which allowed for a reduced penalty regime for those who voluntarily notified that items had been missed off tax returns by the deadline date of 22 June 2007.
 
However, the real work now begins. Those who made a notification (which is believed to number 60, 000 taxpayers) have until 26 November to make a full disclosure and pay the tax and interest due to claim a penalty capped at just 10%.
 
If the notification did not relate to an offshore account, an online facility is now available on the Revenue & Customs website to make the disclosure. Any notifications of onshore amounts (which were also covered in this initiative) cannot be done online and must be made to the local tax office.
 
To make a disclosure you need to have the disclosure reference number issued by the Revenue acknowledging the initial notification.
 
The Revenue will not begin to sift through the range of tax data that it holds on offshore bank information obtained via the s20, Taxes Management Act 1970 notices which were served on certain high street banks. It has made it clear that it will look to throw the full weight of its powers against those who did not make use of the imitative. The Revenue has also stated that it will be seeking to use its information powers against other banks.
 
If you require any further information please contact us on 01536 713555.

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