HMRC initiative to 'legitimise offshore'

A Government plan to crack down on those who fail to disclose offshore bank accounts has received a positive response from both the life and banking sectors. HM Revenue & Customs (HMRC) announced last month that, for a limited time, people who have failed to pay tax due on money deposited into offshore accounts, and interest earned from them, will be able to use its newly-created Offshore Disclosure Facility. By making a full disclosure of all undeclared liabilities, penalties will be restricted to 10%. Otherwise, they could be up to 100%. Simon Hull, managing director of Alliance & L...