50% Tax Amnesty Ends
Published / Last Updated on 04/01/2010
by Ashley Clark, Director
The HMRC amnesty for UK residents disclosing offshore accounts ended yesterday. Until that point, any income disclosed from the past 20 years was subject to tax at 10%.
From today the tax rises to between 30% and 100% and criminal proceedings could also be involved.
HMRC is now embarking on investigations into 500,000 offshore accounts and will look to go back 6 years.
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