Posted by Nick Day on 09 Jul 2012

Failing to Disclose Offshore Accounts

We recently posted articles on our website (see links below) about Britons who have their wealth held in undisclosed offshore bank accounts coming forward to pay their unpaid taxes and penalties.

 

A millionaire property developer from Berkshire has been ordered to pay £469,000 of fines and costs for failing to pay tax on money contained in a Swiss bank account.

The individual had already voluntarily paid £387,103 to HM Revenue and Customs (HMRC) bringing the total payable to £856,547.

This was discovered when information about UK taxpayers with bank accounts in Geneva was supplied to HMRC and checks were made to establish whether these account holders had declared and paid what they owed.

The UK property developer’s account was apparently opened with his own and his mother’s money and when his mother died he closed the account – avoiding £430,000 in inheritance tax.

This is the first case to come before court since the HMRC’s special unit started tracking down those who have unpaid offshore tax.  HMRC continue to review the data obtained and further prosecutions are likely.

If you need help in disclosing offshore sources of income to HMRC we can assist you in the necessary disclosure.

 

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