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.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or firstname.lastname@example.org
- Property Partnership Incorporation and SDLT
- Overseas Pension Changes 6 April 2017
- Top 10 tax tips for expats moving to the UK
- Tax on Lump Sum Payments from Foreign Pensions
- Qualifying Non-UK Pension Schemes (QNUPS)