Final chance to notify under Offshore Disclosure Facility
The Offshore Disclosure Facility is open to any taxpayer who holds or has held, either directly or indirectly, an offshore account that is in any way connected to a loss of UK tax and/or duties. “Offshore”, means anywhere outside the United Kingdom of Great Britain and Northern Ireland. Therefore offshore accounts include any held in the Channel Islands, the Isle of Man and the Republic of Ireland.
The terms of this facility:
- Notify HMRC of the intention to make a disclosure by 22 June 2007.
- A fixed penalty of 10 per cent of the tax/duties underpaid.