Hundreds of people have voluntarily handed over details of their offshore bank accounts to the Revenue after it won a legal case forcing Barclays to hand over clients details. The Revenue is cracking down on offshore accounts amid concerns that they are being used for tax avoidance, and says that several hundred people have already volunteered details of their holdings. Accountants and lawyers have been urging their clients to disclose assets held offshore in the hope of reducing any possible fines for tax evasion. The penalty for non-declaration is the tax due, plus interest and a penalty, which can be as much as 100% of the tax due. The Revenue has said that the level of co-operation it receives will be 'viewed as a mitigating factor when they decide on penalties'.
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