Undeclared offshore assets will be liable for up to 200% penalties where there is no agreement from the country holding the bank account or assets to automatically disclose them to HMRC.
Belize, Dominica and Grenada will soon sign Tax Information Exchange Agreements which will limit penalty exposure on any UK taxes due on undeclared offshore matters to 100%, so will avoid the new higher penality. The Chancellor's mention of Belize caused raucous laughter and cheering from the Commons, particularly on the Labour benches. Controversial Tory non-dom donor and deputy Conservative party chairman Lord Ashcroft makes much of his money in Belize. "While people are suffering hardship, it is all the more unfair that some are escaping their tax obligations," Darling told the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
