OAPs race with death to amnesty finish line
NDO sees elderly fast-tracking their tax affairs
NDO sees elderly fast-tracking their tax affairs
HMRC’s olive branch on secret offshore accounts is leading wealthy elderly
individuals to fast-track efforts to clarify their tax affairs in case they die
before their disclosures are signed off.
Sue Holmes, head of tax investigations at Smith & Williamson, said
elderly people, some in their early 90s, had been looking to expedite the
process of disclosing undeclared income held overseas prior to the March 12
cut-off and paying the appropriate tax.
“We’re looking to move those cases forward before the inevitable happens,”
said Holmes. “The taxman has given themselves a bit longer compared to the last
amnesty, but the downside is there’s a longer time between putting in your
disclosures and getting your disclosures through.”
The Liechtenstein Disclosure Facility runs alongside the New Disclosure
Opportunity, and advisers believe there is a lot more interest in the LDF from
older people because of its more favourable terms.
“There’s a lot of old money that has been inherited. Some of these involve
estates where the funds have been held overseas and haven’t been declared,” said
one leading tax adviser. “The capability to move things through Liechtenstein is
very appealing.”
However, advisers urged people to be proactive in making disclosures before
the 30 November notification deadline. “There appears to be a trickle rather
than a deluge,” said Mike Down, Baker Tilly’s national head of tax risk and
investigation management.
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleHMRC's new leader claims that customer service levels are on the up Read More...
View articleThe government department made a very costly administration error in a letter to a tax avoidance user Read More...
View articleHMRC assessed the company for over £50,000 of underpaid VAT relating to the hire of the hotel’s Tamarisk Room Read More...
View articleThe number of investigations into high-value big companies that HMRC suspect of using transfer pricing to avoid tax has fallen by 15% in a year Read M...
View articleHMRC launches a consultation document that looks to strengthen government efforts against transfer mispricing Read More...
View articleHMRC taskforces have recovered more than £500m since they were launched five years ago Read More...
View article