Offshore disclosures leap to 8,000

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Offshore account holders will be sent a letter by the taxman tomorrow
informing them of the offshore tax disclosure scheme, as the number of
disclosures leapt by 2,000 in the last week.

The letter explains
about the scheme
, which enables tax evaders to pay any tax owed
plus interest and a 10% penalty on any tax owed to HM Revenue & Customs.

HMRC has details of about 400,000 individuals with offshore accounts, and so
far around 8,200 have contacted the taxman to declare that they owe tax, up from
6,000 a week earlier.

Notification that a disclosure will be made must be flagged up to HMRC by 22
June. Once registered, individuals have until 26 November to make the disclosure
and pay the money due.

Advisers have previously  criticised the taxman for not making enough of an
effort to publicise the disclosure regime and its details.

Further reading:

4,000 sign up to offshore tax disclosure

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