Tax amnesty expires today

Stephen Timms

Offshore account holders have only hours left to take advantage of the
amnesty guaranteeing a penalty of only 10% to reveal hitherto undisclosed
investments to the taxman.

HMRC issued a New Year message drawing attention to today’s [Mon Jan 4]
deadline for the New Disclosure Opportunity scheme and warn tomorrow [Tues 5
Jan] will be too late.

The Final Warning said notice of intent can be made online at with full disclosure on paper by 31 January, or
online by 12 March, adding that 300 banks in the UK have been sent formal
demands for information and investigations will begin on Wednesday [5 March]
with penalties of up to 100% and the possibility of prosecution.

Financial Secretary Stephen Timms said: “The use of offshore accounts to
evade UK tax is illegal. It deprives the UK of tax revenues to fund essential
public services and is unfair to the vast majority of honest taxpayers who pay
what they should.”

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