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Offshore Funds Declaration

Offshore Funds Declaration

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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.

 

 

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By Accountant A
30th Jul 2018 15:31

A_non wrote:

My question is: any reliefs/tax reducers might help him on his way to disclosure.

Not sure that making a disclosure of previously undisclosed income is a tax planning opportunity. What exactly did you have in mind? If it's deposit interest, I suspect (retrospective) planning opportunities are limited.

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By Matrix
30th Jul 2018 16:50

Which country and has he already paid local tax on the interest?

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JC
By A_non
03rd Aug 2018 11:17

Sorry for late reply.

Country India and yes local tax paid.

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