Taxman warning to offshore savers

Monday, 02 November 2009 10:57

The taxman has issued a warning to UK savers with offshore accounts hiding money.

Investors with accounts offshore have until November 30th to inform HM Revenue & Customs (HMRC) about their intention to disclosure savings.

The New Disclosure Opportunity allows people to tell HMRC about accounts and so avoid investigation and penalties of up to 100 per cent of the tax owed or even prosecution and jail.

Complete and accurate disclosure can result in a reduced penalty.

Dave Hartnett, permanent secretary for tax, described the NDO as a “final chance”.

“Here’s a blunt message from HM Revenue & Customs: times have changed. “The taxman now has more powers and more information.

“If you are a UK-based investor with offshore accounts, you must declare them.”

November 30th is the deadline for notifying HMRC of intent to disclosure offshore accounts.

The deadline for disclosure using paper forms is January 10th 2010, and for online disclosure is March 10th 2010.

Further information is available on the HMRC website.

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