TaxPersonal TaxInvestors come clean on offshore accounts

Investors come clean on offshore accounts

Voluntary submission of details following advice from accountants

Following advice from their accountants to come clean, hundreds of taxpayers
with money abroad have voluntarily disclosed details of those investments to HM
Revenue & Customs.

This follows a groundbreaking tax tribunal ruling, which forced Barclays Bank
to hand over details of customers’ overseas accounts, setting a legal precedent.

The penalty for non-declaration is the tax due, plus interest, plus the
penalty, which can be up to 100% of the tax due, the FT reported.

‘Anyone who wishes to come clean should contact the Revenue before the
Revenue contacts them,’ said Reg Day, head of tax investigations at KPMG. ‘Those
who try to hide tax evasion from the Revenue could find themselves in jail for
fraud.’

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