Offshore Disclosure Projects
HMRC have recently issued a statement to the Compliance Reform Forum (CRF). The CRF is a forum where HMRC discusses various issues with representative bodies such as theThe Chartered Institute of Tax (CIOT).
The statement was in connection with HMRC’s targeting of those with offshore accounts. As you will be aware, last year there was a well publicised amnesty for those with offshore bank accounts to disclose and pay any tax due. Those who complied were able to take advantage of a fixed 10% penalty.
At a recent meeting of the CRF, HMRC confirmed that they would be giving offshore account holders a further disclosure opportunity in 2009. No further details have been released at this stage.
HMRC also confirmed that they will be obtaining account information from an additional group of financial institutions using the same legal process as was used in 2007.
As always, any taxpayer with undeclared or unpaid tax liabilities should seek to regularise their tax affairs as soon as possible.