Steve Camm Partner PricewaterhouseCoopers LLP looks at the current changes affecting tax enquiry work
Offshore Disclosure Facility
On 17 April HMRC announced that it has introduced a one-off offshore disclosure facility to enable people who have undisclosed offshore bank accounts to make them known voluntarily in return for reduced penalties.
This opportunity for reduced penalties is very unlikely to be repeated and is a chance for taxpayers to avoid much higher penalties than the fixed 10% penalty being sought by the facility. For example a taxpayer with a £50 000 tax bill will pay a £5 000 penalty under this facility — a saving of £10 000 or more on the penalty normally...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Steve Camm Partner PricewaterhouseCoopers LLP looks at the current changes affecting tax enquiry work
Offshore Disclosure Facility
On 17 April HMRC announced that it has introduced a one-off offshore disclosure facility to enable people who have undisclosed offshore bank accounts to make them known voluntarily in return for reduced penalties.
This opportunity for reduced penalties is very unlikely to be repeated and is a chance for taxpayers to avoid much higher penalties than the fixed 10% penalty being sought by the facility. For example a taxpayer with a £50 000 tax bill will pay a £5 000 penalty under this facility — a saving of £10 000 or more on the penalty normally...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")