HMRC issues new warning on tax

People who have yet to disclose taxable assets held overseas have been warned by HM Revenue & Customs (HMRC).

The tax authority said yesterday that only those who made what they termed a ’complete and accurate’ disclosure would receive the ten per cent tax penalty.

This means that they will be charged a fine equating to ten per cent of the tax unpaid on the assets.

However, those who do not make the disclosure until after 12th March next year will face a penalty of 30 per cent or higher.

Commenting on the new warning, HMRC permanent secretary for tax Dave Hartnett said: ’I know there are people who regret not taking advantage of our Offshore Disclosure Facility in 2007 which focused primarily on the customers of five large banks.

’Now everybody who has not paid the tax they should in relation to offshore accounts or assets has this New Disclosure Opportunity to pay what they owe with penalties on more favourable terms than normal.’

He added: ’The procedure is simple and straightforward. Customers will be able to contact us on paper or through a dedicated area of our website.’
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