Offshore savings Date:
Investors with unpaid taxes linked to Offshore accounts or assets have been warned they face stiff financial penalties and an increased risk of criminal prosecution if they do not disclose their details before the March 2010 deadline.
A disclosure initiative by HM Revenue & Customs (HMRC) begins on 1 September and will run to 12 March next year, with those taking the opportunity to make a full and accurate disclosure qualifying for a ten per cent penalty on their unpaid taxes.
Those who choose not to declare their offshore tax liabilities in the time will face a fine of 30 per cent and run an increased risk of facing criminal prosecution
"I would urge anyone with offshore accounts holding untaxed income or gains to take advantage," said MP Stephen Timms, Financial Secretary to the Treasury. "Most offshore investors already pay the tax that the law requires and it's only fair that everyone respects the rules."
A similar initiative was conducted two years ago, with the focus on customers of five large. "I know there are people who regret not taking advantage of our Offshore Disclosure facility in 2007," said Dave Hartnett, HMRC Permanent Secretary for Tax.
"This will be the last opportunity of its kind."
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