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Offshore Assets: Disclosure Deadline Approaching

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HM Revenue & Customs has announced people with offshore assets who wish to use the New Disclosure Opportunity must make their disclosures online and pay all tax, duties, interest and penalties owed in full by Friday.

To take advantage of the low 10% penalty rate accompanying the New Disclosure Opportunity, taxpayers had to disclose their intention to do so before 4 January 2010.

Once the New Disclosure Opportunity window closes, those failing to disclose their offshore assets will be subject to full tax investigation, penalties of at least 30% rising to 100% of the tax evaded, and risk criminal prosecution.

HM Revenue & Customs has issued statutory notices to over 300 banks in the UK requiring them to provide relevant information about customers with offshore accounts.

Permanent Secretary for Tax David Hartnett said:

"Taxpayers with offshore assets who have notified us of their intention to disclose them have done the right thing, saving themselves 90% of the potential penalties for failing to disclose.  They now need to follow through by making their disclosure online and paying in full all the taxes they owe."

** Additional info & advice on UK tax law ** 

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