Potential clients wants to disclose offshore income source.
He is resident and domiclied in UK. He inherited money from sale of his fathers property aborad which he invested in fixed term deposit and has been earning interest since 2012 without declaring income to HMRC. Its just sheer carelessness case.
I am thinking of making a declaration under WorldWide Disclosure facitlity. He is preapred to pay tax and assocaited penalties.
Double tax treaty will be looked into.
My question is: any reliefs/tax reducers might help him on his way to disclosure.