Amnesty for offshore savers - Offshore savings - News - Moneyfacts

News

Amnesty for offshore savers

Amnesty for offshore savers

Category: Offshore savings

Updated: 22/05/2009
First Published: 22/05/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Offshore savers have been urged to declare any outstanding funds in offshore accounts as the HM Revenue & Customs (HMRC) seeks to recover over £2 billion.

Savers are being advised to declare any unpaid liabilities to minimise costs and lessen the likelihood of legal action in an amnesty called a New Disclosure Opportunity, which is to begin in the autumn and will run to March 2010.

Account holders will be offered lower than normal penalties for coming forward.

The recommendation comes as HMRC seeks to access the details of UK resident customers with offshore bank accounts at more than 500 UK and foreign banks and building societies.

Stephen Camm, tax partner at PricewaterhouseCoopers, said now is a critical time for anybody with undeclared offshore assets or funds to come clean if they are to minimise the costs and other consequences of their mistakes.

Mr Camm said it would be the HMRC's second and final amnesty.

"There will be no more chances," he warned.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

International money transfer – points to remember

International money transfer can be vital to the success of your work or home life abroad, but if you don’t go about it the right way, you could spend far more than you need to. So, we’ve outlined a few points to remember.

How to be savings savvy as an expat

If you’ve decided to take the plunge and start a new life abroad, there’s one key thing you need to do – make sure your finances are in order.

Expats suffering from low savings rates

If you thought savings rates onshore were bad, spare a thought for expats living elsewhere – because their rates are even worse.
 
Close