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Requirement to Correct Offshore Tax Non-Compliance

Ways of making disclosure

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A pensioner friend has asked me to assist him with a letter he has received from HMRC re the above. On investigation it seems an insurance investment bond which was invested offshore was surrendered on 2015/16 with a taxable gain which was not declared. Also a UK based investment bond was also surrendered at the same time. No tax returns have been submitted for several years.

I wish to help but I am going on holiday shortly for 2 weeks. I have all the information needed to file a correct tax return for 2015/16 which I can easily do.

My question is, will filing the tax return satisfy the disclosure requirements or is there something else I should also do? I am concerned not to risk falling foul of the new penalty regime as from 1 October.

I have limited time available over the next few days and would prefer to avoid trawling through the WW Disclosure Guidance and website if possible.

Thanks

 

 

 

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By seonaid anderson
30th Aug 2018 14:49

You probably want to use the disclosure. The first part is registering which takes minutes to do. You then have 90 days to submit the details which hopefully will allow you to deal with this when you get back.

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