HMRC: Save money by disclosing unpaid tax on offshore accounts

18 June 2007
HM Revenue and Customs is advising people to take advantage of the Government’s Offshore Disclosure Arrangements by Friday.

June 22 is the last day that taxpayers can register to take advantage of the arrangements, which guarantees that the penalty for anyone with an offshore back and unpaid tax will be limited to 10%. - After Friday, the penalty could be anything fro 30% to 100%, along with prosecution in some cases.

Dave Hartnett, HMRC Director General in charge of the ODF said: "This really is a unique opportunity for people who have offshore accounts that they have not been telling us about to come forward, save money and put matters straight.

“Those who decide for whatever reason not to take advantage of the disclosure arrangements will be investigated to make sure that everyone pays their fair share.

“The days when hiding assets offshore were seen as a safe bet for evading the UK's taxes have gone. This has to be good news for the great majority of taxpayers who pay what the law says they should."

To register to use the disclosure arrangehemt, go to opr call 0845 312 1401.

Find out more about Offshore Savings Accounts