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31 Jul 2009
The new disclosure opportunity being conducted by HM Revenue & Customs has been labelled as representing an 'unfair playing field' for taxpayers with onshore tax liabilities only.
Gary Ashford, national head of tax risk and dispute resolution at RSM Bentley Jennison, said disclosing taxpayers need to ensure they submit information on unpaid taxes offshore as well as liabilities in onshore accounts.
Wholly domestic disclosures are not within the scope of the NDO, and those taxpayers will be subject to the standard HMRC penalty structure.
'This could create an unfair position for those with UK only problems. It would be better to create a disclosure opportunity for all irregularities, other than the most serious, whether it be offshore or onshore for the period of the NDO,' he said.
The Chartered Institute of Taxation said the HMRC briefing refers to offshore disclosures, but 'omits to discuss purely onshore disclosures'. The CIoT said its continuing to ask for this to be covered in guidance.
Further Reading:
HMRC officially kicks off second tax amnesty
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Onshore disclosures
During the ODF HMRC ran what they called "the parallel disclosure facility" which we (at www.LynamTax.co.uk) used on several occasions to secure the same low penalties for UK only voluntary disclosures. It is expected that a similar scheme will operate this time round too.
Posted by: Paul Lynam, 03 Aug 2009 | 00:00