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Ritson Smith hot topic: Offshore Disclosure FacilityThe following article has been prepared by George Burnie, tax partner with Aberdeen-based accountancy practice Ritson Smith and one of the leading tax experts in the country.On 17 April 2007, HM Revenue & Customs announced its ‘Offshore disclosure facility’ following the gathering of information from major UK banks regarding offshore bank accounts held by UK individuals. HMRC also receives information under EU and double tax treaty provisions. The facility offers individuals with undisclosed offshore accounts, current or closed, the opportunity to come forward and settle outstanding tax liabilities. The facility does not mean there are no penalties but penalties will be limited to 10% of the tax outstanding if strict conditions are adhered to. There will be no penalties for untaxed amounts totalling less than £2,500. Despite the name, the facility can also be used to disclose undeclared onshore income and gains. The intention to disclose must be made to the HMRC by 22 June 2007. HMRC will then issue a disclosure reference number and payslip. Actual disclosure and payment of outstanding liabilities must be made by 26 November 2007. HMRC will notify by 30 April 2008 whether disclosures have been accepted. Further information and guidance is available at https://disclosures.hmrc.gov.uk/oaics/ or please contact George Burnie in our Aberdeen office on 01224 643311, email gb@ritson-smith.com or your usual contact in Aberdeen, Ellon or Aboyne. |
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