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TAX NEWS: Undeclared Off-shore income or assets? By Nichola Ross Martin

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12th May 2006
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Following the recent wave of s.20(8) TMA 1970 application cases in which UK banks are being asked to surrendur details of customers' off-shore bank accounts, HMRC has posted a polite invitation on its website to those who have not declared assets or foreign income:

"Following recent media publicity it is apparent that some customers or their representatives wish to contact HMRC to make disclosures in respect of assets held offshore, where there may be unpaid duties.

HMRC is anxious to facilitate such approaches, and have set up a single point of contact to handle your queries. Please contact Tony Preston (an Assistant Director Compliance). Telephone - 07747 461833 E-mail: Tony Preston"

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By specialtax
15th May 2006 09:38

Lion’s den? Don’t go in without a keeper for protection
HMRC’s invitation to the confessional is laudable and I am sure Tony Preston, a man with great experience in investigation matters, will give a proper hearing to those minded to make such a move.

I think, however, that HMRC ought also to urge people who believe that they have problems of this nature to take advice from tax professionals on this side of the cage before they walk through the bars and into the lion’s den.

Anyone with experience in tax investigation work knows that people who have evaded tax over many years often have no idea of their real direct tax liabilities, the interface with VAT, the possible permutations arising from PAYE/NIC and director’s loan account situations let alone the vagaries of penalty negotiations.

Tax is complicated enough on an annual basis but when you have to unravel may be ten year’s worth of a client’s life history so as to fill in the tax gaps to produce the “right” answer on a negotiated basis then people should seek help from professionals with experience.

The lion only sleeps when its belly is full.

[email protected] 0121 452 1515

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