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HMRC alerts offshore investments holders to meet deadline

Published on 5 Mar 2010 under category: legal

Thousands of people in the UK with offshore accounts could be hit by
huge penalties, if they fail to disclose their tax details to HM Revenue
& Customs (HMRC).

People that fail to meet the 12th March deadline may become liable for criminal prosecution, to reinforce the government agency's new stance on offshore tax havens.

HMRC has given over 300 banks statutory notices, requiring them to provide relevant information about customers with offshore accounts.

Dave Hartnett, the agency's permanent secretary for tax said: "Taxpayers with offshore investments who have notified us of their intention to disclose have done the right thing, saving themselves 90 per cent of the potential penalties for failing to disclose. They now need to follow through by making their disclosure online and paying in full all the taxes they owe."

Those who pay back by the deadline will only receive a penalty of ten
per cent.

Last month, two entrepreneurs were denied non-resident status in
high-profile court rulings and were forced to pay back millions in taxes
owed, dating back several years.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.