HMRC Double Offshore Tax Evasion Fine

HMRC Double Offshore Tax Evasion Fine.

HMRC is to double the fine it imposes on people who do not disclose or under declare income on overseas interest or income.

The increase fines will start in the new tax year on the 6th April 2011.

For banks in countries that do not share information with HMRC, he fine is 200% of the tax due on top of the tax itself i.e.  300%.

For banks based in countries where there is an information sharing agreement such as most of Europe ad parto of the European Saviungs Directive or other one off non-Eu agreements such as the Liechtenstein Disclosure Facility (LDF), tehe fine will be 150% of any underpaid tax i.e.  a payment of 250%.

The simple message from us is that if you have not disclosed interest or income then you need to befor you get fined.

Investing Without Tax Issues
Contact us if you would like to learn about offshore investments that generate the growth that you need without creating a tax disclosure burden.

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