HMRC Hunting Offshore Investment Payments
Published / Last Updated on 05/03/2008
HMRC Hunting Offshore Investment Payments
HM Revenue and Customs HMRC is increasing efforts to get information on thousands of offshore investment customers with tax payments outstanding. A letter was sent to banking institutions in January restating its intention to pursue investigations of offshore investment customers at several banks.
Around £400m was recovered from individuals with offshore investment bank accounts under a disclosure facility set up last year.
Our view
The ‘amnesty’ for disclosure on offshore investment is now closed. However, we suggest that those who are UK resident who have not come forward with regard to offshore investment should still do so to reduce any potential penalties. The penalties could be around 30 to 100 per cent of the tax liability due.
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