A new initiative is offering offshore account holders the chance to find the taxman before he finds them, says Brendan Harper, technical services manager at Friends Provident International. But what happens if they don't?
The UK taxman's assault on offshore bank accounts has been widely publicised, and has resulted in the opportunity for individuals to disclose assets on which tax has not been paid. After the deadline to make a report, what will happen next? As a result of the landmark decisions in six cases, all entitled Financial Institution, the UK HMRC has more information about offshore accounts held by UK residents than it can cope with. As a result of this, HMRC launched the "Offshore Disclosure Facility" on 17 April. This initiative is intended to encourage people to come forward voluntarily rather...
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