|
|
Key issues:
- HM Revenue & Customs (HMRC) announced on the 17 April 2007 a Tax Amnesty aimed at taxpayers with offshore bank accounts containing undisclosed income taxable in the United Kingdom.
- The amnesty is to be effected through an “Offshore Disclosure Facility” for which registration must be made by 22 June 2007.
- Irregularities disclosed under the facility will be subject to a maximum fixed penalty of 10% of the outstanding tax.
- Taxpayers with irregularities in their tax affairs unrelated to offshore income are also to be allowed to disclose these irregularities under the same terms.
- Disclosure calculations should be submitted and the tax, interest and penalty should be paid by 26 November 2007.
|
 |