August 2009
New Disclosure Opportunity
On 1st September, HMRC launched a new campaign against tax evaders who have undeclared foreign (non UK) income and gains that should have been taxed by HMRC. This campaign is called the New Disclosure Opportunity.
The title of the campaign implies some sort of great opportunity. However, this new opportunity means persons who do come forward and disclose their undeclared foreign income and gains will have to pay the tax due plus a 10% penalty (20% in certain circumstances) and interest. I am sure that, to many this does not appear to be a ‘great opportunity’!
Additionally, they gather information through the European Savings Directive and through ‘information sharing agreements’ with the revenue authorities of other countries. In all probability, it’s not if but when will HMRC discover and pursue these tax evaders!
HMRC have stated that this will be the last opportunity, and those that don’t notify HMRC by 4th January 2010 of their intention and make their disclosure by 30th March 2010 will face penalties of up to 100% and potentially criminal prosecution.
We can help! Our team of personal tax advisers will act on the taxpayer’s behalf to ensure the disclosure is made correctly and that the correct amount is paid. The added benefit to the taxpayer is that we negotiate directly with HMRC. Thus the taxpayer avoids the uncomfortable task of explaining to HMRC why they have not disclosed previously…
Note. HMRC are running a separate campaign against account holders of Liechtenstein.
For further details, please phone Ben Sandars on 0207 539 9938.