Last chance to opt in to offshore tax amnesty, says KPMG in the UK

News - Tax

Wednesday, 25 November 2009 15:35

Taxpayers with undeclared offshore tax liabilities have just until Monday 30 November to register for Her Majesty’s Revenue and Customs “New Disclosure Opportunity” and receive a reduced penalty on outstanding tax.

Those who fail to register will, according to HMRC, face the prospect of a full investigation from the authorities and potentially increased penalties. Reg Day, National Director, Tax Investigations at KPMG in the UK said: “The chances are that if you have funds banked offshore, the taxman knows about them. And the authorities have pledged to go after unpaid tax on those offshore assets. So it really is worth giving this ‘amnesty’ serious consideration.

“Over 300 UK institutions have handed over customer details to HMRC but they haven’t all yet written to those customers to tell them about it. Anyone who holds an offshore account should assume that their details have been handed over even if they haven’t yet heard from their bank.”

KPMG has prepared a detailed set of ‘Frequently Asked Questions” relating to the New Disclosure Opportunity and also the special “Liechtenstein Disclosure Facility” that is running in parallel for Liechtenstein accounts.

Reg Day concluded: “This really looks like the final countdown for offshore tax dodgers. Ignoring this disclosure opportunity could lead to major penalties.”