Tax-News.com
HM Revenue and Customs (HMRC) has announced initial details of the new offshore bank account disclosure scheme, which is due to commence in the autumn of 2009.
Following a meeting with tax practitioners, HMRC has confirmed that the penalty for full disclosure under the scheme, of income connected to a hitherto undeclared offshore account, will be 10%. However, penalties could be higher for those had a previous opportunity to disclose offshore income but failed to do so. Ordinarily, penalties of at least 30% and up to 100% can be imposed on undeclared income.
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