As expected, HMRC has announced an amnesty for anyone who has undeclared offshore income using a specially designed “offshore disclosure facility”. This facility will allow anyone who comes forward to declare income of less than £2,500 without penalty. Those with higher income (> £2,500), will pay a fixed rate of just 10% in penalties on the tax or National Insurance thereone.
Tax amnesty for offshore income announced
Posted by AccountingWEB in Tax on Tue, 17/04/2007 - 10:42
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