TaxPersonal TaxTax amnesty deadline looms

Tax amnesty deadline looms

Offshore account holders have until the end of play today to declare untaxed funds

As the offshore accounts tax amnesty deadline ends today, only a “smattering
” of the 20,000 UK residents thought to be hiding untaxed funds have come clean.

Smith
& Williamson
national tax director Richard Mannion said that
many had failed to take the opportunity to declare funds hidden offshore,
reported the
Daily
Telegraph
.

Fines are limited to 10% of unpaid tax on funds transferred into the accounts
over the past 20 years – however serious cases could be prosecuted.

Further reading:

PBR 09: Offshore account holders
urged to disclose

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